Poland’s currency remains at a “strong” level even after weakening in recent months and isn’t a particular point of focus for the central bank, according to policymaker Przemyslaw Litwiniuk.

The zloty has lost 3.1% versus the European currency since the end of May and its four-month slide is the longest since 2018, according to data compiled by Bloomberg. Litwiniuk told Bloomberg the weakening is based on external factors, including a strong dollar and a spike in fuel prices.

“This movement stems primarily from global factors, above all the strengthening of the dollar following the Federal Reserve’s rate hike,” Litwiniuk said. “I believe the zloty remains strong, and there are sectors — particularly exporters — that are benefiting from this shift.”He said the weaker zloty does boost prices of imports, but that it hasn’t been a “major factor” in the Monetary Policy Council’s deliberations. The 10-member MPC kept its benchmark on hold at 3.75% since March, even as spiking fuel costs pushed inflation beyond the policymakers’ target band.

Litwiniuk affirmed that his core scenario envisages stable rates for the remainder this year. Although if fresh projections due next month show inflation staying above 3.5% in the second half of 2027, policymakers will likely consider monetary-policy tightening later in 2026, he said.

He said the MPC’s “wait-and-see” stance contrasted with bets on rate increases by derivatives’ traders following policy tightening by the European Central Bank and the Fed last month.

Currently, the biggest risks for inflation are potential second-round effects along with energy prices in 2027. The central bank targets inflation at 2.5%, with a plus/minus one percentage point tolerance band.

“We are facing a protracted and burdensome period of uncertainty stemming from the conflict in the Middle East, which is testing the patience of central banks,” Litwiniuk said.