Positive Irish vote and pending EU membership behind strengthening zloty

The zloty systematically increased in value and on Monday it was less than zl. 4 against the dollar. At the same time, the zloty's value against the euro increased and was zl. 3.974 on Monday afternoon. Economists state that the zloty has not been as strong as it currently is for nearly six months and it is likely to appreciate as the country approaches EU entry. "The economy is currently being restructured and the perspective of EU membership is a guarantee that Polish companies will be more competitive," said Iwona Kowalska, chief economist of CA IB Securities. The Irish "yes" vote to enlargement coupled with setting the financial terms for the aspiring countries were an impulse to acquire the zloty and Polish bonds. "Other positive indicators are also good omens for the economy," said Piotr Bielski, an analyst with Bank Zachodni WBK. (Rzeczpospolita, p. A1) A.Z.