On Friday morning the zloty was weakening against the main currencies. The euro is valued at PLN 4.75 after an increase of 0.24%. The exchange rate also declines against the dollar, by 0.21 percent, and the Swiss franc – by 0.17 percent.
The US dollar had to pay PLN 4.75 after 7.30 am on Friday morning, which means that it gains 0.21 percent to the zloty, and PLN 4.94 for the Swiss franc (an increase of 0.17 percent). The euro was priced at PLN 4.75 after an increase of 0.24 percent against the Polish currency.
On Thursday around 17.45 the euro was priced at PLN 4.76 after a 0.37% decline against the zloty; the US dollar lost 0.28 percent to the zloty. and was valued at PLN 4.84, and the Swiss franc fell by 1.72 percent. to PLN 4.93 from the historical maximum of PLN 5.05, at which the currency was maintained even before noon.
Central banks make decisions on rates
On Thursday, many European central banks published their decisions on monetary policy.
The Bank of England raised the main interest rate by 50 bp. up to 2.25 percent And such a raise was also expected by the analysts surveyed by Bloomberg. 5 bankers from the BoE voted for a 50bp rate hike, 3 for a 75bp rate hike, and 1 for a 25bp rate hike.
Turkey’s central bank lowered its benchmark one-week repo rate to 12%. Analysts surveyed by the Bloomberg agency expected that the interest rates will remain unchanged. The decision was made despite inflation exceeding 80%. yoy in the august reading.
The Swiss National Bank (SNB) raised interest rates by 0.75 bp. up to +0.5 percent The bank did not rule out further interest rate hikes to stabilize inflation. The SNB also did not rule out intervention in the currency market.
Norway’s central bank raised interest rates by 50 bp. up to 2.25 percent Norges Bank indicated in the statement that another interest rate hike will most likely take place at the next meeting.
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