P. M. Briefing : Poland Devalues Currency Again
Poland devalued the zloty by 14.3% today in the fourth substantial devaluation since the Solidarity-led government took office in September.
The devaluation was part of a drive to narrow the large gap between the free market and official rates of the currency against the dollar.
The National Bank set the new rate at 2,800 zloties to the dollar as against 2,400 on Friday, according to figures published by the government newspaper Rzeczpospolita.
Since Sept. 12, when the Solidarity movement ended more than 40 years of Communist rule, the zloty has been devalued by almost 50%.
The government wants to unite the official and free market rates of the zloty against the dollar to make the currency convertible on the domestic market.
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