Economics
Polish Central Bank Intervenes to Weaken Zloty After Warnings
- Bank sold zloty on the market for first time in a decade
- More interventions possible if gains continue, official says
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Poland’s central bank moved to weaken the zloty for the first time in a decade, delivering on a warning that it won’t tolerate a stronger currency as the economy tries to recover from the Covid-19 pandemic.
Sales by the bank Friday helped push the zloty down by as much as 1.7% against the euro in low-volume trading, according to two people with direct knowledge of the transactions. They asked not to be named because they’re not authorized to speak publicly.