Polish Zloty Currency

History

The traditional Polish currency dates back to the middle Ages. Earlier, in the 14th and 15th centuries, all the types of foreign gold coins that were used in Poland had names and notably, the Venetian and Hungarian ducats.

The national currency of Poland was the Polish Zloty and the value was 30 groszy. The name Polish Zloty had been used in various coins and was red golden in color. This went in circulation, but the value of Polish Zloty dropped relatively to foreign coins and eventually became a silver coin.

The złoty was in circulation even after the Partitions of Poland and the issued coins denominated in talar, grosz and złot. There were banknotes of Talar also issued. The Zloty currency was created by the Russian controlled congress Poland and followed an exchange rate that was fixed between the Russian and Polish currencies.

The Warsaw mint issued until 1832 zloty and grosz and started issuing coins in Russian and Polish currencies. The Warsaw mint regularly issued Russian coins in kopeck and grosz denominations. The last coins in 1850 bear Polish denominations and in 1835 and 1846, Krakow zloty also came as currency for the Republic of Krakow.

Future

The conditions of Poland's accession obliged the country to finally adopt the euro. However, there was no specific date and Poland could adopt the euro only on meeting the essential criteria.

The Polish Prime Minister on September 10, 2008 announced that the ruling government would join in 2012 the zone of the Euro after holding in 2010 a referendum and by getting approved in 2011 by the European Central Bank.

Poland and the euro

The 2003 Treaty of Accession states that Poland is obliged to establish the euro replacing the current Polish Zloty currency. In 2008 also the Prime Minister announced the objective of joining by 2012, but the Polish constitution has to be changed and should join ERM2 prior to the second quarter 2009 and this date is very aggressive.

The Polish government regardless of other obstructions has assured their plans of joining the Euro in January 2012.