Japanese investment bank Nomura expects the euro to cost as much as zł.4.85 in the first quarter of 2012, reported Rzeczpospolita. As of Tuesday, the euro was valued at zł.4.47.

The euro-zone debt crisis is expected to reach its climax by the first quarter of next year, leading to an outflow of capital from investments perceived by many to be risky, such as the Polish currency.

In the upcoming months, Nomura analysts expect inflation to fall to 3 percent year-on-year (from a high of 5 percent in May this year) and remain somewhere between 2.7 to 3 percent through the course of 2013.

Poland A.M.