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Zloty Gains as Cyprus Reopens Banks

March 28, 2013 at 18:00 by Vladimir Vyun

Some 100-zloty notesThe Polish zloty rose today as fears of the financial crisis in Cyprus abated after country’s banks reopened today. The currency may yet be damaged by the unfavorable domestic fundamentals.

Cyprus’s banks were reopened today, but lawmakers limited the amount of money that can be withdrawn. Such measure prevented a massive flight of capital from the country’s banking system, alleviating tension among investors to some degree. The zloty gained on the news, but remained under pressure as Polish policy makers indicated that they will likely continue to cut interest rates.

USD/PLN rose from 3.2732 to 3.2585 as of 18:00 GMT today and touched the high of 3.2829 intraday.

If you have any questions, comments or opinions regarding the Polish Zloty, feel free to post them using the commentary form below.

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