During the Friday session, the zloty rose against the major currencies: the euro, the dollar and the franc. The value of the Polish currency rose by about 1 percent. After 19 hours, the rate of the euro was 4.70 zlotys, the dollar – 4.28 zlotys, and the franc – 4.60 zlotys.
The zloty on Friday continued to rise during the day. After 19, the euro was 1.2% cheaper. The cost is 4.70 PLN. The Polish currency also appreciated against the dollar, for which you had to pay 4.28 PLN. The zloty was also higher against the Swiss franc (1.2%), which was appraised at 4.60 Polish zloty.
As of Friday morning, 4.75 zlotys were paid, the dollar – 4.31 zlotys, and the Swiss franc – 4.65 zlotys.
The exchange rate of the zloty and the “nervous” reaction to the dismissal
– In my opinion, the market’s reaction was nervous to the information about the loss of Minister (Pieut) Nowak. There were fears that Poland would not receive the money from the National Reconstruction Plan very soon. In our opinion, this is a very significant reaction (the weakening of the zloty on Thursday – ed.) to what has already happened – said Piotr Popławski, chief economist at ING Śląski Bank on Friday.
In his opinion, these are internal changes in the government and not a reason for a significant market reaction to them.
– We believe EUR/PLN may build a sideways trend around PLN 4.70 next week, zloty may be stronger in the first part and weaker during the second – ING Bank Śląski economist assessment
Euro, Dollar, Franc and Pound Sterling – Quotations on March 25
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