Bloomberg Anywhere Login


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Zloty in Longest Losing Streak Since August, Forint Drops on Oil

Feb. 23 (Bloomberg) -- The Polish zloty had its longest streak of declines since August and the forint slipped to the weakest in more than three weeks as Libya’s uprising pushed the price of oil toward $100 a barrel in New York.

The zloty declined 0.3 percent to 3.9772 per euro as of 4:15 p.m. in Warsaw, the lowest level since Dec. 29. The Hungarian forint dropped 0.3 percent to 273.60 against the common European currency, its fourth day of losses.

Crude for April delivery climbed as high as $97.97 a barrel in New York after Libyan leader Muammar Qaddafi vowed to keep fighting the rebellion in the country, Africa’s third-biggest oil supplier. Stocks retreated.

“With all central and east European countries being net oil importers, the adverse economic impact of oil prices will quickly be felt via deterioration in the current account,” Elisabeth Gruie, an emerging-market strategist at BNP Paribas SA in London wrote in a report to clients. “The zloty would be most at risk from a sustained rally in oil prices.”

Poland’s current account deficit nearly doubled from a year earlier to 1.57 billion euros ($2.16 billion) in December as faster economic growth boosted demand, the central bank said on Feb. 11.

BNP is recommending investors buy the euro against “the basket” composed 50 percent of the zloty, and 25 percent each the forint and the Czech koruna, according to the report.

To contact the reporter on this story: Piotr Skolimowski in Warsaw at

To contact the editor responsible for this story: Gavin Serkin at

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.