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The euro, dollar and franc are becoming more expensive. The zloty is weakening after the decision of the Monetary Policy Council and the conference of the president of the National Bank of Poland – quotations 07/09/23

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On Thursday afternoon, the Polish currency depreciated against the euro, Swiss franc and US dollar. The weakening accelerated sharply during the conference of the President of the National Bank of Poland, Adam Glapiński.

PLN on Thursday around At 15.40 it weakened against: the euro (appreciating to PLN 4.63) by 1.33 percent; the Swiss franc (valued at PLN 4.84) ​​by 1.34 percent; US dollar (increasing to PLN 4.32) by 1.55 percent.

The President of the National Bank of Poland about the Polish zloty. “We don’t intervene to make sure there’s a course”

The exchange rate of the zloty is important, it helps to overcome inflation – NBP President Adam Glapiński said at a press conference. He added that the NBP did not intervene to obtain a specific exchange rate for the Polish currency.

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– The exchange rate is very important to us, it helps to overcome inflation. Yesterday it depreciated by 2 percent, but recently it has strengthened very quickly by 17 percent – said Glapiński.

– We do not intervene to maintain a certain course, it is completely free and we know that it responds to changes. We are happy if PLN exchange rate is strengthening because it has a strong anti-inflation effect. The depreciation of the zloty by 2 percent has no impact on inflation and is irrelevant to deflationary processes. In two quarters it may have an impact, but only a small one, he added.

EUR/PLN exchange ratehttps://stooq.pl/

MPC decision

On Wednesday, the Monetary Policy Council reduced interest rates by 0.75 points, including the reference rate to 6%. According to experts interest rate reduction is not a surprise, although its scale is larger than the market expected.

NBP reference ratePAP/Maciej Zieliński

– The decision (to cut rates – ed.) was made when the conditions we announced were met – single-digit annual inflation and a projection for many quarters, which predicts a rapid decline in inflation – Glapiński said during a press conference on Thursday.

He added that the average price level in Poland has not changed in the last 5 months.

Main photo source: Shutterstock

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