Monetary Policy Council calls special meeting to discuss tumbling zloty

On Friday the zloty was very weak due to Thursday's announcement about the current account deficit in March which totalled $1.4 billion. The zloty exchange rate was fluctuating all day depending on reaction from politicians and economists. The dollar reached a high of zl. 4.74. In reaction to this the Monetary Policy Council (RPP) is to meet today and discuss the deteriorating situation. There is a possibility of increasing interest rates to protect the zloty but the RPP may only deliver a statement about the condition of the Polish economy to calm the market. (Gazeta Wyborcza, May 6-7, page 1) K.S.