The financial turmoil in European markets sent the Polish zloty tumbling in May by 5.4%. It fell against euro to its lowest level over the last month, joining the list of the weakest currencies that includes the Syrian pound. Most of the analysts blame Poland’s dependence on European exports for the situation, with the level of Polish products being recently sold to Eurozone reaching as much as 55 percent.
Additionally, according to Societe General and Royal Bank of Scotland Group, Poland’s government debt surpassed that of Russia’s by 47 percent, though its economy is three time biggest then ours, leading to concerns from investors. Polish bond yields also fell 3.9%, when converted into euro.
