Poland is to ask the International Monetary Fund for a credit line of $20 billion, it has been revealed.

Finance Minister Jacek Rostowski said the credit line would be sought as part of the IMF's lending program for countries with sound public finances.

Poland wants to use the one-year credit line to protect the zloty from drastic fluctuations, the Warsaw Voice reports.

Following the announcement, the zloty rose around 2.5% against major currencies.
Rostowski said: "This is a reflection of our cautious and responsible economic policies...[that] will protect the zloty against uncontrolled depreciation."

The loan will increase Poland's foreign reserves by more than a quarter.

Stocks rose on the Warsaw Stock Exchange on the announcement.