The Polish finance ministry has sold about €2 billion in euros in the currency market, The Wall Street Journal reports. The state-owned BGK Bank has sold €1.2-2 billion of the finance ministry’s cash in December 2010.
The euro selling will help Poland strengthen the zloty and stabilize the public debt. The public debt is expected to remain under 55% of GDP in 2011 if the Polish government implements its plan of cutting cash transfers to mandatory private pension funds.
Click here for the story from The Wall Street Journal.