Home Economy Polish c.bank governor says weak zloty due to stronger dollar

Polish c.bank governor says weak zloty due to stronger dollar

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WARSAW, Nov 19 (Reuters) – The weakening of Poland’s zloty currency is probably related to the strengthening of the dollar, the central bank governor said on Friday.

The Polish currency has softened over 1.3% this week and is at its weakest level since 2009.

“The weakening of the zloty, especially observed in recent days, is probably related to the strengthening of the dollar in the global market,” Adam Glapinski was quoted as saying by state-run news agency PAP.

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Glapinski said other factors affecting the zloty were the increasing number of COVID-19 cases in Europe and the migrant crisis on the Belarus border.

He rejected the argument that the zloty was weakening because the central bank had not clearly committed to a cycle of rate hikes, calling it “misguided”.

The central bank reserved the right to intervene in the currency market if it felt it was necessary, he said.

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