Markets

Poland swapped 6.5bn euros into zlotys on spot market in 2012

Published May 20, 2013 Updated May 20, 2013 03:58pm

1 min

By Muhammad Iqbal

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WARSAW: Poland's finance ministry exchanged an equivalent of 6.5 billion euros ($8.3 billion) of funds denominated in foreign currency into zlotys on the open market last year, it said in a statement on Monday.

In recent years, Poland has swapped European Union funds via state-owned lender BGK into local currency to prop up the zloty, keeping down the value of its foreign-denominated debt.

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