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Banking

FinMin: Mild appreciating trend in zloty likely to continue in 2007.

FinMin: Mild appreciating trend in zloty likely to continue in 2007. The mild tendency of the zloty to strengthen is in line with this year's government expectations and should also continue in 2007, deputy PM and finance minister Zyta Gilowska announced on Wednesday. “The mild appreciating trend should not be a shock to anyone. We expected it in 2006, we expect it also in 2007,” Gilowska told a press conference. According to next year's draft budget, the average annual exchange rate of the PLN/EUR is PLN 3.91 this year, and in 2007 - PLN 3.90 versus PLN 4.03 in 2005. The PLN/USD exchange rate is to shape up at PLN 3.11 and PLN 3.04 versus PLN 3.23, respectively. In the last 12 months the zloty has strengthened by about 4-5% versus the euro and by around 12% versus the USD. On Wednesday at around 4pm the euro was trading at PLN 3.82 and the USD at PLN 2.98. ISB

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