Wednesday, May 14, 2008

NBP governor Skrzypek worried about pace of zloty’s appreciation.

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NBP governor Skrzypek worried about pace of zloty’s appreciation. It is not the zloty’s appreciation trend itself that is worrisome, but the pace of the Polish currency’s strengthening, National Bank of Poland (NBP) governor Slawomir Skrzypek said. He stressed that the zloty gained about 10% against the euro since the beginning of the year. The NBP receives more and more protests against this from domestic exporters, Skrzypek stated. It is worthwhile to note, however, that the strong zloty has been assisting the central bank in fighting inflation. According to the NBP’s recent survey, 18% of enterprises point to the zloty’s strength as the main obstacle in their development. The Monetary Policy Council (RPP) said after its sitting at the end of April that "the previous increases of the NBP's interest rates and the zloty appreciation observed over the past few quarters should also be conducive to lowering inflation." ISB, tom

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NBP governor Skrzypek worried about pace of zloty’s appreciation.

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