Worse-then-expected current account deficit may lead to weaker zloty

Poland's current account deficit rose to $826 million in January against $500 million in December 2001, the National Bank of Poland (NBP) said yesterday. "The figures are slightly worse than we had expected. The u nclassified trade balance is very low because a recent run linked to the launch of the euro has come to an end," commented chief economist at BRE Bank, Janusz Jankowiak. He speculated that imports, which in January were down 12.4% year-on-year to $3.455 billion, have already bottomed out. On the other hand, he said, "The weaker export trend is likely to deepen at least until May or June because of dwindling demand in the European Union." Marcin Mroz from SG Bank, commenting on the data, said he would expect further weakening of the zloty in the wake of the announcement. (Prawo i Gospodarka, p. 9) M.K.