Euro to Polish zloty monthly exchange rate 2014-2024
According to data from the European Central Bank, this graph displays the monthly exchange rate (as of the end of each month) of the euro to the Polish zloty (EUR/PLN). The concrete, or time, the measure shows the exchange rate as of the last day of each month, which is different from the standardized measure, a calculation of the average based on observations throughout the period in question.
As of October 2024, the exchange rate of the euro to the zloty amounted to 4.3508 an increase from the previous month.
EUR/PLN exchange rate analysis
The initial phase of the economic activity breakdown in Poland and key global centers caused by the coronavirus epidemic is slowly passing. There is a growing belief in markets that many stimulus packages will improve the economic situation and allow for a relatively rapid return to growth. The recovery is conducive to recouping losses by emerging market currencies - among which is the Polish zloty. However, further strengthening of the Polish currency should be carried out gradually. The beginning of 2020 for the Polish zloty can be described as turbulent. The limited depreciation of the zloty against the euro in January and February turned into a violent sale in March. Starting from the beginning of the year to the minimum point that the zloty reached in relation to the euro in the second half of March, the Polish currency lost about eight percent.
Fundamental analysis
Recently, the Polish zloty has made up for some of the losses. The Polish government reacted quickly to the crisis caused by the coronavirus pandemic. On 13 March, the introduction of an "epidemic emergency" was announced, which on 20 March turned into an "epidemic state". Poland launched preventive measures relatively early, and the restrictions implemented were rather rigorous compared to many other European countries. Thus, economic activity in the country experienced a collapse. The GDP growth rate decreased from 3.2 percent y/y in the fourth quarter of 2019 to two percent in the first quarter of 2020. The data for the second quarter will undoubtedly show a much larger downturn scale, mostly due to the lockdown. April's data indicate an evident deterioration of the labor market situation. The data for the following months will most likely show a further increase in the unemployment rate. The Polish authorities have taken coordinated steps to support the economy during the crisis, assisting businesses and households. Under the two key adopted packages, the total value of measures is estimated at around 312 billion zloty, equivalent to roughly 15 percent of the country's GDP. Concerning the size of the economy, it is one of the most extensive aid packages among the European Union countries. Poland is in the process of opening the economy. This gives hope that economic activity in Poland will regain momentum. Apart from the significant fiscal and monetary stimulation undertaken by the Polish authorities, Poland can probably also count on considerable support from the EU. The new proposal of the European Commission assumes financial assistance for the EU countries. Poland will probably be one of the largest beneficiaries of this proposal if it is accepted in this or a similar form.
