Investors, not RPP, influence the market
Katarzyna Zajdel-Kurowska, chief economist, Citibank Handlowy
"The reactions on the currency market have no significant connection to what the [RPP] decides. The weakening of the złoty is the effect of a change in sentiment by foreign investors. This is not only on the Polish market; it is a global trend. Because they gained so much lately, there has been a reallocation of assets. [Last year's] appreciation reached absurd heights. The present correction or trend inversion is strictly connected to investors' sentiment. Nothing has changed [in the economy] since last month and the złoty lost six percent.
"I cannot agree that Poland is a high-risk country. Strong economic fundamentals did not help the złoty last year when it depreciated amid a government breakdown. This year the political situation is also unstable, but this has had little effect on the currency."
"The reactions on the currency market have no significant connection to what the [RPP] decides. The weakening of the złoty is the effect of a change in sentiment by foreign investors. This is not only on the Polish market; it is a global trend. Because they gained so much lately, there has been a reallocation of assets. [Last year's] appreciation reached absurd heights. The present correction or trend inversion is strictly connected to investors' sentiment. Nothing has changed [in the economy] since last month and the złoty lost six percent.
"I cannot agree that Poland is a high-risk country. Strong economic fundamentals did not help the złoty last year when it depreciated amid a government breakdown. This year the political situation is also unstable, but this has had little effect on the currency."
