The Polish Exchange Rate Policy and Economic System Transformation
The establishment of the internal convertibility of the Polish zloty was one of the most important ingredients of the system transition program that was launched in the beginning of 1990. A solid currency was necessary to start the process of liberalization of foreign trade and the economy as a whole. The efficient functioning of a market economy is impossible without free access for every economic agent to foreign exchange. All forms of central allocation of foreign currencies, typical for centrally planned economies, had to be terminated.
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