The Polish złoty (pronounced [ˈzwɔtɨ] (zwoty)) is the official currency of Poland. It is abbreviated as "zł" or "PLN," and the currency symbol is "zł," which is derived from the golden-colored metal that the currency was originally based on. One złoty is divided into 100 groszy.
The history of the złoty dates back to the Middle Ages, when it was used as a unit of exchange in Poland and neighboring countries. The current złoty was introduced in 1995, after the fall of communism in Poland, and it replaced the previous currency, the Polish złoty (PLZ), which had been in circulation since the 1950s.The value of the złoty is determined by supply and demand on the foreign exchange market, and it is pegged to the euro at a fixed exchange rate of approximately 4.29 złoty per euro. The złoty is widely accepted as a form of payment in Poland, and it is also accepted in some neighboring countries, such as the Czech Republic and Slovakia.The Polish central bank, the National Bank of Poland, is responsible for issuing and regulating the złoty, and it also sets the country's monetary policy. The bank has the authority to change the interest rate and the supply of money in circulation in order to influence the value of the złoty and maintain price stability.
