Monetary Policy Council criticises Finance Ministry for supporting the zloty

Experts thus speculate that the government might have interfered. It is said that the Finance Ministry ordered its organs to sell a considerable number of so-called 'Eurobonds' thus fuelling the market with hundreds of millions of euros. The Ministry possibly sold the Eurobonds not to let the zloty depreciate before the next session of the Monetary Policy Councli (RPP). Market watchers expect that RPP would lower interest rates and should the exchange rate of the zloty fall, they probably would not do so. The National Bank of Poland (NBP) has been strongly criticising the Finance Ministry for exchanging currencies obtained from bond issues on the currency market. Its experts claim that the Ministry's interference is the main cause of the strenghtening of the zloty. (Parkiet, 28-29 January, p. 1) D.W.