NBP again intervenes in favour of the zloty

The National Bank of Poland (NBP) sold euros on Monday to bolster the złoty, which has increasingly lost value recently against the single currency. This sends an important signal to speculators, the liberal daily Gazeta Wyborcza writes, approvingly: "Now every speculator must understand that the NBP will not hesitate to use its currency reserves to defend the złoty.

The NBP has intervened on the market three times in recent days. In the past something like that only happened on very rare occasions. Now however the conditions have changed. The first sign that something might happen came with the Swiss decision to peg the franc to the euro. That's when speculative capital started to concentrate on markets like ours, where local financial institutions seldom intervene to stabilise the currency."