The zloty has never been stranger
|
During the working day, I have www.stooq.com open on my desktop, and I watch the fluctuations of the zloty against the pound, the euro and dollar. And what a roller-coaster it’s been. For the first four years and three months since Poland joined the European Union on 1 May 2004, the zloty was heading inexorably upwards. It gained 43% against the pound between February 2004 (all-time low of 7.35 PLN) and late July 2008 (all-time high of 4.04 PLN). As the zloty crossed the psychological four-to-the-pound barrier, Polish exporters were groaning. As it approached four (and indeed three to the euro), they were on the verge of going out of business.
|
