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’National bank of interventionski
A new European central bank turned to currency intervention this week.
As the National Bank of Poland stated simply on its website on Friday:
Narodowy Bank Polski w godzinach południowych dokonał zakupu pewnej ilości walut obcych po korzystnym kursie.
Behind closed doors at the ECB
The following is a guest post written for FT Alphaville by Shahin Vallee, an economist at BNP Paribas:
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It is becoming widely known in informed circles that the European Central Bank (ECB) formalised actionable agreements for proper FX swap lines (euro vs local currency) with the National Bank of Hungary and the National Bank of Poland in October 2009.
Poland facing another wobble after all
Poland’s growth was the envy of Europe, right?
Analysts pointed to its steady advancement, strong domestic demand, ongoing wage growth and only one ‘small’ wobble during the crisis connected to foreign currency exposure,
Foreign-currency lending is rising in Poland
S&P put out a review of the Polish banking sector on Thursday which, quite worryingly, concluded that the industry’s credit risks were rising because foreign currency lending — seen as the country’s biggest exposure to the global crisis — is actually growing.
EE meltdown averted, for now
The zloty is up vs most of its significant crosses (CHF, EUR, USD) for the second day in a row — largely down to Wednesday’s widely called-for intervention in the forex markets by the Polish finance ministry.
Forex failure begins in Poland
Poland’s forex exposure as related to foreign-currency denominated mortgages has been well documented here on FT Alphaville. But in case anyone was of the view that the market was just too small to have a severe impact on the economy,