I thought they had accepted this and had decided not to do anything about it,
It seemed that way for some time, but then on Monday Tusk came out and said he would defend the zloty at 5.00 to the Euro. Supposedly the finance ministry went ahead and sold about 1 billion Euro yesterday.
weakening Złoty is good news for exporters
That was the theory, but in working practice it has proven to be terribly wrong. Many Polish companies had taken out huge hedging contracts over the summer when the zloty was at it's peak, hedging against a strenthening zloty. Now these contracts are putting companies out of business. Additionally many Polish companies have issues Euro denominated bonds, or taken Euro loans. Servicing this Euro debt, while generating income in PLN is sucking up all cash flow.
Additionally, most Polish exporters are also importers of parts and materials and currencey fluctuations are hurting them. "The extraordinary pace at which currencies have declined has only aggravated such problems. In Poland, the zloty has fallen in value by 50 percent against the euro. In theory, that should help exporters. But Aleksander Drzewiecki, chairman of the House of Skills, a consulting company, said many export-driven companies depend on imports in the first place. "The turbulence with the exchange rate is horrible," he said. "We have no idea where we stand."