Polish zloty as an instrument to support the economy in the era of coronavirus
Keywords:interest rates, central banks, monetary policy, debt securities, Poland
The article presents arguments in favour of maintaining monetary sovereignty by Poland. The author expresses the view that having Poland's own currency and its own national monetary policy helps to alleviate crisis phenomena in the economy. The article shows the positive role of the NBP in counteracting the economic crisis caused by the coronavirus epidemic. The NBP lowered interest rates to the lowest level in history and purchased debt securities. The Polish monetary and budgetary authorities managed to stop the decline in GDP and the rise in the unemployment rate. Moreover, the easing monetary policy of the NBP prevented excessive strengthening of the domestic currency against foreign currencies. As a result, the exchange rate was favourable for domestic exports.
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Copyright (c) 2020 Eryk Łon
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