Internal Security Agency investigates currency depreciation

27-11-2008, 19:07

After “PB” text was published, the Internal Security Agency (ABW) launched investigation to see if somebody depreciates the zloty to earn money from Polish companies.

According to “PB” sources, ABW officers are meeting with financial market experts. They ask about influence, motives and operations of Western European groups in Poland. They are interested in the stock and currency markets. They want to know if somebody depreciates the zloty.

“ABW tasks include finding, preventing and fighting dangers for the state’s economic bases. I’m sorry to say but because of legal limits, we do not inform about our operations”, Katarzyna Konicepolska-Wroblewska, ABW spokeswoman said.

Experts are sure that there is something suspicious going on.

“You don’t have to be a Goldman Sachs or JP Morgan to change zloty exchange rate by several percent. One transaction worth several dozens millions zloty is enough”, Marek Wolos from TMS Brokers brokerage admitted.

Several “PB” sources say that ABW wants to protect the state which has huge foreign debt. At the end of September, the debt amounted to PLN 120bn. Zloty depreciation by 1 percent increases the debt by PLN 350m. Since September, euro has increased by PLN 0.4. Polish companies are also adversely affected. Several months ago, they had hedged against strong zloty. Foreign players bought call options for euro and dolar. Now, Polish entrepreneurs have to sell the currencies at the levels stated before. Many listed companies have already said they had huge losses because of these transactions, including Police, Ciech, PPWK and Erbud.

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Gospodarka / Internal Security Agency investigates currency depreciation