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The currency effective in Poland is the zloty (zł or PLN) divided into 100 grosz.
January 1, 1990 saw the introduction of the convertibility of the zloty. The fixed rate introduced in 1990 was replaced by the crawling peg in 1991 and on 11 April 2000 the decision was made to entirely free the exchange rate of the Polish currency.
Currently, there is full currency convertibility in Poland. The exchange rate of the zloty is entirely free and is shaped solely on the basis of the law of supply and demand.
Since 2000, and particularly since the moment of Poland’s joining the European Union in 2004, we can note a systematic rise in the value of the Polish currency as compared to foreign currencies. This is a very significant trend: since 2000 the value of the zloty to the dollar has increased by more than 40% and to the euro by more than 20%.
All groups of investors traditionally acting on foreign exchange markets are active on the Polish one. Amongst them we find mainly commercial banks, specialized brokerage companies and international brokerage houses. Another significant participant in the foreign exchange market is the central bank – the National Bank of Poland.
The most frequently concluded transactions on the Polish foreign exchange market concern the exchange of the zloty and the most frequently traded crosses are USD/PLN and EUR/PLN.
Average daily net turnover on the Polish foreign exchange market in April 2007 amounted to USD 8,813 million, being, according to current exchange rates, 39% higher when compared with the value of transactions in April 2004.
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