Eastern demise puts pressure on currency

By Kewill Ludens
20 Feb 2009
Eastern demise puts pressure on currency

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Maybe the 250,000 plus Polish immigrants who have opted to stay in the UK and not return to Poland have made a smart move.

Polish industrial output plunged by a staggering 14.9 per cent in January, the biggest decline since the country abandoned communism almost 20 years ago.

Meanwhile the Polish zloty has collapsed. Eight months ago it took roughly two zloty to buy one US dollar; at the latest rate it would cost nearly four zloty.

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Problems across Eastern Europe
Something similar is happening across eastern Europe generally as economies slump and exotically named currencies like the Ukrainian hryvnia plummet.

Like the zloty, Ukraine's currency has roughly halved in dollar purchasing power since last summer.

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