Zloty sinks to new 12-year low against euro

Zloty sinks to new 12-year low against euro

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The zloty sank to a fresh 12 year low against the euro, spurring speculation that the Polish central bank could step in to prop up the currency.

The Polish currency fell as much as 0.5% per euro on Monday, for the fifth day in a row. It is the third-biggest loser in the emerging markets in the past month, trailing only the Turkish lira and South Africa s rand. The forint hit a record low against the euro, with other currencies in central and eastern Europe falling.

A migrant crisis on Poland's eastern border, a dispute with the European Union over democratic backsliding and the surge in Covid 19 cases have all coalesced to keep the zloty under pressure. The central bank's tepid response to the rising inflation and concerns that it may prefer to keep the currency weak before the end of the year has also soured the mood around the zloty.

Traders have ignored the comments of Governor Adam Glapinski from late last week that signaled the central bank's growing unease about the currency's depreciation amid the highest inflation in two decades. Glapinski told state-owned news agency PAP that further weakness in the currency wouldn't be consistent with the central bank's interest-rate policy.

The zloty traded at 4.7160 per euro at 12: 13 p.m. in Warsaw, a 0.3% decline. It has depreciated 2.2% this month and 3.3% in 2021.

The remarks suggest a growing possibility that the central bank may intervene if the currency falls further, according to economists at Credit Agricole SA's Polish unit. The National Bank of Poland last intervened in December 2020 when it tried to weaken the zloty.

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