🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

UPDATE 1-Polish zloty needs 2-3 mths stability for ERM2

Published 03/17/2009, 03:05 AM
Updated 03/17/2009, 03:08 AM

(Adds detail, background)

WARSAW, March 17 (Reuters) - The Polish zloty needs to be stable for around 2 to 3 months in order to enter the pre-euro ERM-2 exchange rate mechanism, a deputy finance minister was quoted as saying on Tuesday.

Ludwik Kotecki, the government's point man for euro zone entry, also told daily Dziennik that Poland may not meet the fiscal criterion for euro entry this year as the global crisis affected the Polish market.

When asked how long the Polish currency should be calm to enter the ERM-2, Kotecki told daily Dziennik: "It depends on the current macroeconomic conditions, but I think it should be around 2-3 months."

He also said the budget may be revised, but the deficit may grow by only 0.1-0.2 percent of gross domestic product (GDP).

In February, the deputy minister said Poland may enter the grid in May or early June and expected to start official talks in March.

Many analysts have expressed scepticism that Poland's euro entry plan was achievable as the current global financial turmoil undermines economic stability in the European Union's largest ex-communist member. (Writing by Dagmara Leszkowicz; Editing by Neil Fullick)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.