Exchange rate and public finances cause concern among foreign investors

Deputy Minister Grzegorz Kolodko's political declarations beg the question whether he still believes in a substantive reform of public finances. What is even worse is the fact that foreign investors, in response to forecasts concerning the devaluation of the zloty, are beginning to lose faith. "They are equally disappointed by the instability of the exchange rate, which could mean they will start to record losses in various sectors of the economy," said an analyst. It is possible that due to this factor the tender for 20 year T bonds worth zl. 1 billion came to an abrupt end. Investors offered just over zl. 950 million, which was far too low for the Ministry to accept. (Rzeczpospolita, p. B2) A.C.