Currency experts point out that the weakening of the zloty is due to the strength of the US dollar and risk aversion among emerging markets assets to which the Polish currency belongs. The €/PLN exchange rate was last recorded at around 4.50 in 2009.
Konrad Ryczko from the BOŚ Brokerage House notes that a clear weakening of the zloty seems to be a natural reaction of investors on the currency market to ”entering the NBP into the framework of non-standard monetary mean”.
MBank's economists also pointed to the desirable zloty depreciation due to the need to finance the economy. “There are no barriers to the weakening of the zloty by government institutions. Depreciation in these conditions is becoming ... desirable as another factor mitigating financing conditions and stabilizing the path of nominal GDP,” they wrote in the report.
On Wednesday, the government presented the economic stimulus program. Konrad Ryczko points out, however, that the recent depreciation of the Polish currency is primarily caused by external factors.