Euro / Polish Zloty - EUR/PLN

A member of the European Union since 2004, Poland has, according to the Maastricht, Amsterdam and Nice Treaties, to join at the end the Euro area and to adopt the European Union single currency, unlike Denmark and the United Kingdom, Poland doesn’t have dispensation in this field.

Though, the Polish zloty (PLN) has integrated yet the ERM II (Exchange Rate Mechanism II) that implies a certain number of « good practices” in terms of public finances, as well as  the maintain of a national currency ,that has to be replaced by the Euro, inside a certain exchange fluctuation band (+/- 15%) in relation to the Euro (this is the case for example for the currencies of Denmark, Lithuania or Estonia.

When the Euro was put in place on January, 1st 1999, the exchange value of the EUR/PLN cross was first established at EUR/PLN = 4 (4 zlotys fro 1 Euro).

By the end of December 2001 (just before the Euro entered into circulation), the value of the EUR/PLN cross was equal to 3.5195. Then the Euro appreciated against the zloty until a higher point of the EUR/PLN cross reached in February 2004 at 4.9346.

The four following years, the Zloty continuously increases on the Forex against the Euro, until a lower point of the EUR/PLN cross reach on July; 28th 2008 at 3.2053.

Then, the zloty quickly depreciated in the context of the financial and stock-exchange crisis during the Fall of 2008 until an exchange value of EUR/PLN = 4.80 in February 2009.

After, a clear adjustment happened in few months in favor of the zloty, the EUR/PLN cross was at 4.2017 in October 2009.

Negotiations on the zloty (mainly USD/PLN and EUR/PLN) seemed to reach $ 2 billion in daily volume on the Forex.