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POLAND'S ZLOTY HAS BEEN CONVERTIBLE SINCE 1994 (int'l edition)In your interesting article ''The Russian bear hasn't mauled Central Europe'' (European Business, Sept. 21), you wrote ''Leszek Balcerowicz has pledged to put through plans to liberalize the zloty by making it convertible for current-account transactions.'' I have the pleasure to inform you that the Polish law had done this already in December, 1994, and the International Monetary Fund formally accepted Poland's fulfillment of the so-called Article VIII convertibility in June, 1995. Moreover, there is a long list of capital flows liberalized in Poland, and there are practically no restrictions for long-term transactions with counterparts from Organization for Economic Cooperation & Development countries.
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Updated Oct. 1, 1998 by bwwebmaster
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