This zloty exchange rate, which is causing panic, is a fake, an error in the data source – wrote the Minister of Finance, Andrzej Domański, on social media on Monday evening. According to charts on some websites, the euro exchange rate was to exceed PLN 5.64 that evening, which would mean an increase of 30 percent.
“Relax. This zloty exchange rate, which is causing panic, is a ‘fake’ (data source error),” Finance Minister Andrzej Domański said on Monday around 10 p.m. on the X website (formerly Twitter). “Markets in Asia will open soon and the situation will return to normal,” he added.
The head of the Ministry of Finance attached a graphic of the EURPLN exchange rate to the entry and added: “The situation looks like this on Bloomberg:”.
Surprising EURPLN chart
On Saturday, Sunday and Monday, currency markets are closed due to the weekend and the New Year holiday. As a rule, trading in the Polish currency starts on Sunday at 11 p.m. Polish time – however, this week it is postponed by one day. The largest turnover takes place during European session hours – the Polish currency is traded primarily in London.
Before 19 on Monday aroused concern among Internet users euro exchange rate up to PLN published on some portals, including available on the Google website. Just after 9:30 p.m. it exceeded PLN 5.22 (an increase of 20%), while at Friday’s close it was PLN 4.34.
Euro to PLN exchange rate around 9:30 p.mGoogle Finance
An hour later, it even reached the level of PLN 5.64 (an increase of 30%).
“It’s good that at least the Ministry of Finance is watching over”
Economist Marek Zuber explained in an interview with tvn24.pl that such large jumps on the currency market would only be possible in crisis situations, but usually they result simply from systemic errors.
He added that the current situation cannot be compared, for example, to the crisis of 2007/2008, when “everything changed on the markets in one day.”
“It is true that the NBP, as it is responsible for the stability of the zloty, should calm the markets, but the NBP is still fighting for J. Kurski in the World Bank with its recent posts on its wall,” economist Rafał Mundry commented on Monday’s confusion.
“It’s good that at least the Ministry of Finance is watching,” he added.
Main photo source: Albert Zawada/PAP