Deputy Prime Minister and Minister of Economy Janusz Piechociński before the meeting of the government , photo:
The Central Bank of Switzerland (SBN) abolished the minimum exchange rate. Market reaction is immediate. Thursday morning frank cost an average of 3,54 zł. After the news SBN exchange rate has increased dramatically, reaching a peak of 5.14 zł.
Janusz Piechociński explained that there are many events that flow into the franc. – Events in France, Russia, the euro zone economic uncertainty, further subsidence of oil, will soon be $ 40 per barrel, and increasingly lower prices of coal. This means that all point towards a stable currency – explained Deputy Prime Minister.
He added that “if you do not happen something extraordinary this is temporary phenomenon.”
Currently franc stabilized at around 4.15-4.20 zł. Minimum Switzerland franc exchange rate applied in September 2011. Central Bank is justified that the high value of the currency is a threat to the economy. The exchange rate for the euro was set at 1.20 franc.
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