A new year, a new shape of the złoty – without a revolution, but built on solid fundamentals. After months of global turbulence, shifts in central bank policies, and geopolitical uncertainty, the Polish currency enters the new year as one of the strongest in the region. Stability against the euro, a more volatile relationship with the dollar, and strong domestic fundamentals mean that the PLN is no longer just a barometer of market sentiment, but increasingly a reflection of real economic strength. The year opens with EUR/PLN at 4.21 and USD/PLN at 3.60. What was 2025 really like for the złoty, and what awaits it in 2026? An expert from Tavex explains.

The year 2025 was marked by an exceptionally strong złoty against the euro and most regional currencies. This appreciation coincided with improved perceptions of Poland within the EU, easing inflation, and a global shift from aggressive rate hikes toward gradual monetary easing. EUR/PLN mostly traded in the 4.20–4.30 range, while the złoty proved more sensitive to changes in USD/PLN due to expectations regarding U.S. monetary policy. Falling inflation toward the central bank’s target, solid economic growth, EU fund inflows, and a more dovish stance by major central banks supported the currency. In 2026, the złoty may remain strong, though risks include eurozone slowdown, geopolitical escalation, and renewed global market volatility. 

(WBJ)