The Polish Central Bank is pleased with the appreciation of the zloty

Speaking to news channels, Adam Glapinski made the assessment that "the rise in the currency will support monetary tightening and will be in line with the steps taken by the Central Bank."

Glapinski stated that they want to reduce inflation in a sustainable way and that the monetary tightening signals from the USA and the tension between Russia and Ukraine affected the zloty.

The zloty rose 0.4 percent against the euro after the president's remarks, recording the best daily performance among 31 major currencies. Other currencies of the region, Hungarian forint and Czech Koruna, also appreciated against the euro with the tightening in monetary policies this year.

Citigroup Inc. and Societe General stated that in the event of a conflict, the zloty would be the most fragile currency among Eastern European currencies.

Polish Prime Minister Mateusz Morawiecki said last month that the government is trying to strengthen the zloty.

The Central Bank was the target of criticism as inflation in the country rose to the highest level in more than 20 years. The bank, which started to increase interest rates in October, is expected to increase rates for the fifth time at the meeting on February 8.

The government also cut taxes in many areas, from food to fuel, to limit price increases. Inflation, which rose to 8.6 percent in December, is expected to hover around 10 percent for most of 2022.