Apr 23, 20222 min read

Poland Currency - The Zloty

The złoty is the official currency and legal tender of Poland. It is subdivided into 100 grosz. The widely recognised English form of the currency name is the Polish zloty. It is the most traded currency in Central and Eastern Europe and ranks 22nd in the foreign exchange market. While Poland joined the European Union in 2004, the country doesn't use the Euro. Instead, Poland continues to use its own national currency, the złoty, which dates right back to the 14th century. The National Bank of Poland has the exclusive right to issue currency in the country.

Before the introduction of the zloty, many currency systems had existed in Poland. The zloty was first adopted during the reign of Sigismund I in an effort to reform and consolidate the various systems.

On January 1, 1995, the currency was denominated, and new banknotes were put into circulation in Poland. They functioned alongside the old ones until the end of 1996, which is why stores displayed two prices. One new zloty equaled 10,000 old ones. To quickly convert the value, four zeros had to be erased from the old price.

The Polish zloty’s name comes from zloto, the Polish word for gold, and traces its existence back to the Middle Ages. The current Polish zloty marks the currency’s fourth iteration.

The official currency of Poland is the zloty and it does not use the euro. However, in some tourist areas, euros are accepted by the exchange rate is not favorable. It is recommended to convert euros to zloty at official exchanges.