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Poland's zloty strengthens amid political shift

EditorPollock Mondal
Published 16/10/2023, 09:06

Poland's currency, the zloty, appreciated against major currencies including the euro, dollar, Swiss franc, and British pound on Monday. This followed the country's parliamentary elections where the Law and Justice party won 36.8% of votes, securing 200 seats in Sejm, the lower house of parliament. Despite this victory for the Law and Justice party, exit polls predict a majority for opposition parties collectively with 248 seats.

The opposition parties are Civic Coalition (31.6%, 163 seats), Third Road (13%, 55 seats), Left (8.6%, 30 seats), and Confederation (6.2%, 12 seats). The political shift influenced Sunday's trade, leading to the zloty's gain.

The exchange rates on Monday morning were PLN 4.47 for the euro, PLN 4.24 for the dollar, PLN 4.71 for the Swiss franc, and PLN 5.16 for the British pound.

A late exit poll by Ipsos following Sunday's election revealed Law and Justice with 36.6% of votes, Civic Coalition with 31%, Third Way coalition with 13.5%, the Left party at 8.6%, and far-right Confederation at 6.4%. To pass laws in Poland's Sejm, a government needs a minimum of 231 seats out of 460.

The electoral commission expects to announce the final result by early Tuesday. This political shift and its potential implications for governance in Poland will continue to influence the zloty's performance in the foreign exchange market.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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