Poland floats currency

Poland floats currency

WARSAW (AFP): The Polish government and central bank Tuesday announced a decision to float the zloty, allowing the Polish currency to trade freely against all other currencies from Wednesday.

The measure, under preparation for some months, is a step towards joining the euro-zone some years after Poland becomes a member of the European Union, analysts said. Poland is currently negotiating EU membership.

"The monetary policy committee of the National Bank of Poland has decided to eliminate the trading band" of the zloty, which had restricted the movement of the currency to between 15 percent higher and lower than the central parity, a central bank statement said, according to news agency PAP.

The central bank has already undertaken measures towards floating the zloty, which is now de facto almost convertible.