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Zloty Strengthens to Seven-Month High on Record ECB Loans

Feb. 29 (Bloomberg) -- The Polish zloty jumped to the strongest level in almost seven months after euro-area financial institutions sought to borrow a record amount from the European Central Bank.

The zloty advanced 0.5 percent to 4.1117 per euro as of 4:11 p.m. in Warsaw, the strongest level on a closing basis since Aug. 8. It has appreciated 2.9 percent this month for the steepest gain among 25 emerging-market currencies tracked by Bloomberg.

The Frankfurt-based ECB said it will lend banks 529.5 billion euros ($712.2 billion) for 1,092 days, topping the 489 billion euros handed out to 523 institutions in the first three-year operation in December. Using the longer-term refinancing operations, banks can borrow from the ECB at around 1 percent and invest the proceeds in higher-yielding securities.

To contact the reporter on this story: Piotr Skolimowski in Warsaw at pskolimowski@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net

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