The Polish government is likely to be active in teh foreign exchange market in late '11, says Citi, as the Finance Ministry will likely convert foreign currencies into the zloty to guarantee the highest possible zloty exchange rate.
All to ensure the debt-to-GDP ratio will not breach 55% level, which is the first safety threshold triggering austerity measures. Citi adds the MoF might be supported by the central bank, as the zloty rate is an important factor influencing CPI. "That's why we don't expect any rate cuts as long as the zloty stays at low levels," the bank says. EUR/PLN trades at 4.3855.
Polish Govt Seen Active In F/X Mkt Late '11
Posted by
BorsaStreet.com
on Thursday, September 15, 2011
Elliottwave
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