Bloomberg News

Zloty Declines for Second Day as Polish Current-Account Deficit Increases

March 13, 2012

The zloty weakened for a second day after the Polish current-account deficit rose in January to the widest in six months.

The zloty depreciated 0.5 percent to 4.1318 per euro as of 3:49 p.m. in Warsaw, the steepest decline among 25 emerging- market currencies tracked by Bloomberg.

The current-account gap expanded to 1.83 billion euros ($2.39 billion) in January from 1.34 billion euros in December, the central bank said in an e-mailed statement today. The deficit was wider than the median forecast of 1.03 billion euros in a Bloomberg survey of 20 economists.

The zloty is “under pressure at the moment, as these are pretty disappointing headline current-account deficit numbers,” Timothy Ash, London-based head of emerging-markets at Royal Bank of Scotland Group Plc, wrote in an e-mailed comment. “The deficit had been on an improving trend in recent months, so this marks an about turn.”

To contact the reporter on this story: Piotr Skolimowski in Warsaw at pskolimowski@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net


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