The Zloty Polski is the Polish currency. Its ISO code is “PLN” and the official abbreviation is “zł”. The symbol for the złoty is “Zł”. The sub-unit of the zloty is the groszy, with 100 groszy corresponding to one zloty.
History of the zloty
The zloty was introduced in Poland in 1924 after the economic collapse caused by the First World War and has been used exclusively there ever since. Over time, the zloty went through several ups and downs.
One of the low points was the time after the end of the Second World War. At that time the inflation was so high that payments were only made with banknotes. Coins were no longer in circulation due to the extremely high prices resulting from the strong depreciation of the zloty.
Poland responded to this high inflation rate in 1949 with a currency reform. The face value of the zloty was increased and people were able to pay with coins again.
From 1980 to 1990 further inflations followed until 1990 finally the market economy was reformed. After the introduction of the market economy reforms, the inflation rate of the zloty fell continuously. However, this was not only due to the Reformation. The Polish National Bank also played its part with a strict monetary policy and thus helped the country out of the crisis.
On January 1, 1995, the zloty was revalued again. The resulting new zloty had a value of 1: 10,000 compared to the old zloty and was given today’s ISO code “PLN” (previously “zip code”). At the same time, new banknotes and coins were introduced. The previous means of payment could still be used until 1997.
Another historical milestone in the history of the złoty is Poland’s accession to the European Union in 2004. From then on, the development of the złoty was characterized by rapid appreciation and reached its highest level on July 28, 2008.
This positive development came to an end in the financial crisis of 2008/2009. As rapidly as the value of the zloty had risen before, it now fell to one of the lowest levels in its existence.
Currency exchange in zloty
The rate at which the euro can be exchanged for zloty in Germany can be determined using the currency converter. The current exchange rate can be displayed here and the value of a certain euro amount can be converted into zloty.
Many people who want to travel to Poland ask themselves in advance whether it would be better to exchange the euro for zloty in Germany or in Poland first. In general, it can be said that the exchange rates in Poland are much better than here, so that travelers get more zloty for their euro amount if they only change when they arrive in Poland.