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According to an industry titan, the recent rise of the złoty may be only just the beginning.

BlackRock, an American asset management giant with over $3 trillion currently under management, says that in its opinion the Polish currency is still undervalued by up to 30 percent against the euro, when purchasing power parity is taken into consideration.

“As the moment of [Polish] adoption of the euro draws nearer, the złoty should get steadily stronger. We don’t expect significant budget problems at least until after the 2011 parliamentary elections” said Andrej Brodnik, Black Rock’s boss for Austria, Germany and Eastern Europe.

Poland AM