On the rate of exchange policy

The article contains a critical discussion of the presently applied rate of exchange policy consisting of the complete lack of control over the rate of exchange of the zloty. Its effect is either the weakening of the export ability of the Polish economy or the arousing of inflation leading to the increase of the interest rates. The new rate of exchange policy applied since 1998 did not solve the problems for which it was established—overliquidity of the bank sector and the debt of Polish enterprises abroad. Beside the presently conducted policy of interest rates the rate of exchange policy is becoming a source of danger for the macroeconomic stability of the whole economy.