In an interview with Rzeczpospolita, Deputy Prime Minister and Economy Minister Janusz Piechociński said that lowering interest rates was a good decision. According to the minister, the złoty's strength was not favorable for the Polish economy. An exchange rate of zł.4.3-4.38 to the euro would be a good level for Polish exports and would increase the appeal of Polish companies abroad, he said.

This is especially important in view of the current situation on the labor market, he added. Mr Piechociński also talked about possible measures to fight employment cuts in the automotive sector and to improve the situation of the mining industry.

The similar statement was issued by the Hungarian Economy Minister Gyorgy Matolcsy, who wants to weaken forint to fight the increasing inflation.

Poland A.M.