Photo: EC/ Mauro Bottaro
Poland’s currency, the zloty (PLN), saw a 12-year low against the euro, while the Hungarian forint (HUF) also plunged to a new historic low this week. On Monday, one euro was worth PLN 4.72 at the zloty’s weakest point, while one euro equaled HUF 370.24 in the Hungarian currency. The forint’s fall comprised half a percentage point compared to what it was worth last Friday. Its previous record low on the euro was HUF 369.6 in April of 2020.
Yesterday afternoon, the weakened zloty regained some value after Polish Prime Minister Mateusz Morawiecki, a former banker, said his country would take action to firm it up. Amongst emerging markets, Poland’s currency was the third biggest loser in terms of its devaluation on Monday, following the Turkish lira and the South African rand. The value of EUR 1 later reached PLN 4.6875 following remarks by the Prime Minister and Finance Minister.
Pressures on the zloty include a migrant crisis on Poland’s border and allegations by the EU that the country is undermining democracy.
Source: Bloomberg Quint, Telex
Hungary and Slovakia have emerged as the most vocal opponents of two of the EU’s…
Hungarian Prime Minister Viktor Orban's ruling Fidesz party submitted on Tuesday, 13 May a bill…
Centrist Warsaw Mayor Rafal Trzaskowski narrowly won in the first round of Poland’s presidential election,…
Independent pro-EU candidate Nicusor Dan won Romania’s presidential election on Sunday, 18 May, defeating far-right…
Chinese electric vehicle (EV) manufacturer BYD on 15 May signed an agreement with the Hungarian…
First they laughed off George Simion as a fringe agitator. Now, with a commanding first-round…