POLAND has devalued the zloty by 12.6%, continuing its drive to narrow
the vast gap between the free market and official rates for the
currency.
The National Bank set the new rate at 2400 zloties to the dollar
against 2098 on Friday, according to figures published by the government
newspaper Rzeczpospolita.
It was the third substantial devaluation since the Solidarity-led
government took over on September 12. The zloty has now been devalued by
40% since then.
The government's aim is to unite the official and free market rates of
the zloty against the dollar to make the local currency convertible on
the domestic market.
Since September 12, the official rate of the zloty has been devalued
from 1441 to the dollar to 2400 while the free market rate has dropped
from around 12,000 zloties to the dollar to 7500.
Officials expect the two rates to meet somewhere between 4000 and 5000
zloties within three to six months.
The zloty has now been devalued 13 times since the start of this year,
dropping from 503 to the dollar and losing 80% of its official value.
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