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Polish 2012 budget sees zloty at 3.69 vs euro-paper

Published 05/06/2011, 02:21 AM
Updated 05/06/2011, 02:24 AM

WARSAW, May 6 (Reuters) - Poland's 2012 budget bill envisaged an average zloty level at 3.69 against the euro, about 7 percent stronger compared to the current level of 3.97, daily Gazeta Wyborcza wrote on Friday.

The budget bill also assumed an average level of the USD/PLN at 2.79, and the main interest rate at 4.7 percent compared to an average 4.0 percent seen this year.

The zloty strengthened to multi-month highs in the past days after the finance ministry announced it would regularly exchange euros it receives from the European Union on the spot market. Since then, the currency has trimmed a huge chunk of previous gains and was trading at around 2-week lows on Friday, mainly on the back of the weaker euro.

Poland's government approved the budget bill on Thursday. It includes a central government deficit -- a narrower measure that does not include shortfalls of local governments and agencies -- of no more than 35 billion zlotys.

(Reporting by Dagmara Leszkowicz; Editing by Richard Borsuk)

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