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.