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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
POLAND
- In the past few weeks, the worsening Covid19 situation in Eastern Europe (and especially Poland where daily cases continue to surge) has been weighing on growth expectations and therefore has weakened the PLN against major currencies. PLN was one of the weakest performers (after TRY) in March relative to the USD, down nearly 5% (chart below).
Source: Bloomberg/MNI
- At the same time, Poland foreign currency debt as a share of total debt has significantly fallen in recent years, from a high of 35.5% in 2014 to 24.8% in 2020 (MoF / BBG), which makes it easier for the government as weaker currency does not dramatically increase the debt servicing costs.
- We have seen earlier this year that Polish officials favour a weaker currency , especially in this environment, as it would boost exports and cheap financial conditions could also accelerate the economic recovery once the restrictions are lifted.
Source: Bloomberg/MoF/MNI
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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