Polish Zloty

The meaning of the Polish expression “zloty” is “made of gold”. The zloty is subdivided into grosz (1 zloty = 100 grosz).
On the banknotes, the effigy of the most important monarchs of Poland is depicted, and almost every banknote bears the picture of the eagle, the national symbol of Poland.
The Zloty which had been in use since 1950 underwent heavy inflation during the economic crisis that hit the 1980s, but at the beginning of the 1990s the exchange rate became stable again. The zloty has been convertible since 1st January 1990, but in 1995 new Zloty was issued, the value of which was equivalent to 10,000 old Zloty.
Poland has not yet set a target date for euro adoption because on the one hand the population is against introducing the common currency, and on the other hand because the Polish government declares that currency issuance and setting the monetary policy falls under the competence of the central bank. With the introduction of the Euro, this right would have to be conferred to the European, which however requires two-thirds majority of the votes in the Parliament.