People who checked the exchange rate on Google on Monday evening may have been confused. euroAccording to the Google Finance website, it was “valued” at 5.9 PLN (the closing price on Friday was 4.37 PLN), dollar up to 5.37 PLN (instead of 3.93 PLN), Swiss Franc For 6.38 PLN (instead of 4.67 PLN), British pound “Fixed” the exchange rate at 6.84 (instead of PLN 5.0). Thus, the website showed a weakening of the zloty exchange rate by about 36%.
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The zloty rate has gone crazy, but only “allegedly”
Asian stock markets opened overnight. At 1.30 am, the euro was (according to stooq.pl) PLN 4.57, the dollar was PLN 4.14, the franc was PLN 4.91 and the pound was PLN 5.27 – much higher than Friday's close.
The zloty exchange rate was not affected
However, it began to decline just as quickly. After 9:00 on Tuesday, when stock markets in Europe (including Poland) opened, there was no trace of the evening incident. The dollar rate stabilized at PLN 3.93, the euro rate was PLN 4.34, the Swiss franc was PLN 4.66 and the British pound was PLN 5.01. Therefore, the exchange rate confusion did not trigger a market reaction.
However, doubts remained. “It is necessary to explain why Google keeps giving false rates to the website. From which source does Google Polska get its courses?“- wrote Dr. Slavomir Dudek, an economist, in response to the spread of the exchange rate distortion. “I had many calls from friends and journalists. This fake upset a lot of people who don't have Bloomberg,” he added.
The editorial team of money.pl sent questions to several institutions regarding this matter. We are waiting for a reply.
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