The Polish Financial Stability Committee to discuss SNB's decision

Financial Stability Committee is to meet on Tuesday, January 20 to discuss the situation of foreign exchange markets regarding the depreciation of the złoty after the Swiss National Bank (SNB) decided not to support the franc (CHF) anymore, the Minister of Finance Mateusz Szczurek informed as Polish Radio reported. “There is no risk for financial stability of Poland, but it is appropriate to meet under such circumstances,” the minister said. He assured the public opinion that CHF's appreciation is not a systemic risk to Poland's economy. Presidents of the banks with the highest exposure to credits granted in euros will join other members of the Committee, according to Szczurek. The SNB decided not to defend its exchange rate against the euro anymore on Thursday. Afterwards, the CHF/PLN exchange rate soared to a record-high of over 5.0 before falling to approximately 4.1. Before the decision, iIt stood at 3.57 on Wednesday. The Polish Financial Stability Committee consists of the Minister of Finance, the President of the National Bank, the President of the Financial Supervision Authority, the President of the Banking Guarantee Fund and other experts invited by the mentioned permanent members.