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The falling zloty and what it means for the Polish property market

The falling zloty and what it means for the Polish property market
23rd February 2009

By Anna Grybel-Kloc

The latest data from the National Bank of Poland (NBP) show that at the end of 2008, mortgage debt amounted to PLN 192.9 billion (€41 billion), still under 15% of national GDP.

30.5% of the debt is in PLN, while 69.5% is in foreign currencies, mainly in Swiss francs (CHF) and the Euro.

The recent weakening of the zloty against the Euro and the CHF has put many borrowers who have loans in foreign currencies in a difficult situation. As we can see in the charts below, the zloty has lost 22% against the euro since 2006 and 48% since last autumn.

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