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POLAND: Zloty Strength Raises Concerns Over Exporter Profitability

POLAND
PolandCEEMEAEM BulletBulletEmerging Market News
  • Puls Biznesu wrote that the pace of the appreciation of the zloty's real exchange rate is almost the fastest in the world, and this tempo alone may exert excessive pressure on some enterprises. The magnitude of PLN appreciation has been raising growing concerns over exporter profitability but most analysts expect the NBP to refrain from any meaningful interventions. Governor Adam Glapinski repeatedly said that the central bank steps into FX markets rarely and only to smooth out volatility rather than push the exchange rate in any pre-determined direction.
  • Rzeczpospolita reported that the footfall in discount stores fell last year despite a widely publicised "price war", which saw major chains cut prices in a bid to lure consumers. A report by Proxi.Cloud suggested that consumers turned to hypermarkets and convenience stores instead, indicating a shift in consumer behaviour.
  • The Finance Ministry is looking to sell PLN6bn-9bn of OK0127, PS0130, WZ0330, IZ0831, DS1033 and DS1034 bonds today. The size of the offering was narrowed from PLN5bn-10bn in the preliminary schedule. Poland has already sold almost PLN50bn of notes this year.
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  • Puls Biznesu wrote that the pace of the appreciation of the zloty's real exchange rate is almost the fastest in the world, and this tempo alone may exert excessive pressure on some enterprises. The magnitude of PLN appreciation has been raising growing concerns over exporter profitability but most analysts expect the NBP to refrain from any meaningful interventions. Governor Adam Glapinski repeatedly said that the central bank steps into FX markets rarely and only to smooth out volatility rather than push the exchange rate in any pre-determined direction.
  • Rzeczpospolita reported that the footfall in discount stores fell last year despite a widely publicised "price war", which saw major chains cut prices in a bid to lure consumers. A report by Proxi.Cloud suggested that consumers turned to hypermarkets and convenience stores instead, indicating a shift in consumer behaviour.
  • The Finance Ministry is looking to sell PLN6bn-9bn of OK0127, PS0130, WZ0330, IZ0831, DS1033 and DS1034 bonds today. The size of the offering was narrowed from PLN5bn-10bn in the preliminary schedule. Poland has already sold almost PLN50bn of notes this year.