The Polish zloty is on track for the steepest weekly decline since the aftermath of Russian’s invasion of Ukraine in early 2022.
The currency has fallen more than 3% this week against the euro. While it rebounded slightly on Friday, the mood in the market is still bearish after the central bank delivered a larger-than-expected interest rate cut that blindsided traders.
The zloty’s uptick on Friday spurred speculation about possible government intervention, said Piotr Matys, a strategist at In Touch Capital Markets, citing conversations with market contacts.During Thursday’s news conference, Glapinski said Poland had achieved victory over high inflation, citing price growth data which the central bank doesn’t publish as a key reason behind the cut.
Polish stocks have also been hammered. Warsaw’s WIG20 index lost almost 6% this week and it’s the worst performer among major equity benchmarks globally this month.
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