WARSAW, March 29 (Reuters) – Poland was right to put off swapping its currency for the euro because the move gave it the flexibility to absorb the effects of the global crisis, the head of the IMF was quoted on Monday as saying.
“The Polish government’s decision to delay the euro adoption is correct right now,” the International Monetary Fund’s Dominique Strauss-Kahn told the Gazeta Wyborcza newspaper ahead of his visit to Poland on Monday.
“Poland should still set the adoption of the euro as its goal,” he said.
Poland’s centre-right government ditched plans to swap the zloty for the common currency in 2012 and no longer has a specific goal, although several officials have said the move would be possible in 2015.
A deputy finance minister said last month Poland will most likely reapply to the IMF to extend its $20.6 billion Flexible Credit Line (FCL), which it received a year ago in the midst of the financial crisis.
Poland managed to escape the global downturn mostly unscathed, emerging as the European Union’s lone member to dodge a recession. But the zloty fell as much as 30 percent in 2009 to the euro before regaining about 10 percent. (Reporting by Chris Borowski)