According to Google, the Polish zloty started the new year with a huge crash. On Monday evening, the euro was worth 5.40 PLN, the dollar 4.83 PLN and the Swiss franc 5.80 PLN. The Polish currency was not so weak even after the start of the war in Ukraine. No wonder it went viral on social media.
Domansky denies this, the Ministry of Finance requests clarifications from Google
Minister of Finance Andrzej Domanski commented on this issue for the first time. “Relax. This zloty rate causing panic is 'fake' (data source error). Markets in Asia will open soon and things will return to normal,” he wrote on the X website (formerly Twitter) yesterday.
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On Tuesday, the Ministry of Finance spoke and said that it “officially asked Google Polska to provide information: about the reasons for yesterday's false publication about the zloty exchange rate and what actions it will take to prevent similar situations in the future.”
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Confusion over the zloty exchange rate. what was the reason
Several hypotheses appeared in the media regarding the reasons for the failure. According to RMF FM findings, a hacking attack, deliberate manipulation or artificial intelligence may be involved. For its part, Rzeczpospolita wrote that the confusion surrounding the zloty quotation was probably caused by the fact that the National Bank of Poland did not provide Google with current data on the exchange rate on January 1.
This is not the first time that Google's services have failed, but such a serious mistake with exchange rates does not happen often, commentators point out.
Should Poland adopt the Euro?
On Tuesday, the front page of “Rzeczpospolita” published an article with the title: “Lost profits from the euro”. The newspaper claims that the Polish government should follow the course of adopting the European currency. “The benefits exceed the costs,” economists say, “RZ” reports.
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– It is not true that economists agree that every year without the euro brings losses to Poland. I think that there are different economists and different views in Poland – Rzem deputy Adrian Zandberg said when asked by Polsat News about the publication of “Rzeczpospolita”.
He added that he shares the opinion of those who are skeptical about the rapid adoption of the euro. “I don't think it's something we should bet on in the next year or two,” Zandberg said.
Glapinski makes a promise
President of the National Bank of Poland, Adam Glapinski, announced this at the beginning of October Discussion on Poland's entry into the Eurozone This can only begin when our country reaches the level of prosperity of Germany and France. – However, now it is a shortcut (…) and an attempt to avoid the problem that the Prime Minister and the President of the NBP should submit such a submission at the same time, – he emphasized.
As Glapinski explained, one of the reasons that Poland's entry into the Eurozone will be unfavorable at the moment is “the impossibility of conducting a monetary policy adapted to the needs of the domestic economy and the limitation of conducting its own fiscal policy.”
Also read:
Euro in Poland? Poles say a decisive “no”
(translate tags)Zloty exchange rate