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Brexit could temporarily weaken złoty: Polish finance minister

PR dla Zagranicy
Paweł Kononczuk 22.06.2016 12:48
Poland’s finance minister has said the country can expect a temporary weakening of its national currency, the złoty, if Britons vote to leave the EU in a referendum on Thursday.
Photo: pixabay.comPhoto: pixabay.com

Paweł Szałamacha told reporters on Wednesday: "We can expect a transitional depreciation, while later financial markets will pay more attention to fundamentals; to how we are able to carry out our program and keep the deficit in check, increase budget revenue, while also rationalizing spending.”

Szałamacha said Poland had already secured 70 percent of its budget borrowing needs for 2016.

He added: "The ministry has gathered a hefty reserve of clean, hard cash – PLN 60 billion (USD 15.4 billion, EUR 13.7 billion). We can observe the course of events on the financial markets for a few weeks. We are not forced to make some kind of frantic moves.”

Earlier this week, Polish Deputy Foreign Minister Konrad Szymański said Warsaw was prepared for both scenarios – for Britain voting to leave or to stay in the EU.

Britons vote in referendum on Thursday on whether to remain in the European Union. (pk)

Source: PAP

tags: brexit, economy
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