WARSAW: Poland will not intervene on the currency market, deputy Prime Minister Mateusz Morawiecki said after the złoty lost ground on Monday against major currencies. The expected resignation of Italian Prime Minister Matteo Renzi, after a crushing referendum defeat on proposed changes to that country’s constitution on Sunday, was a major factor in the weakening of the Polish złoty at the opening of trading.
On Monday morning, the euro had lost around 0.56 percent against the US dollar, while the złoty had lost ground against all four major currencies. At around 9.30 am Warsaw time, the euro cost more than PLN 4.48, the dollar nearly PLN 4.23, the Swiss franc PLN 4.17 and the British pound PLN 5.37.
Speaking to journalists on Monday, Morawiecki, who also serves as Finance and Development Minister, said that the złoty is a fluid currency, adding that over the last decade this has helped the Polish economy buffer itself against macroeconomic risks. “Also, let us remember that this is a temporary weakness, and not an intense [weakening], this helps exporters, and I think that it will contribute to growth,” Morawiecki said. He added that there were several times in the past when the złoty was weaker than at present.
