Currency exchanges run out of Swiss francs following anti-spread law
PR dla Zagranicy
John Beauchamp
31.08.2011 12:50
Media reports that the majority of currency exchanges in Poland have run out of Swiss francs as a result of a new law which allows mortgage holders to make outstanding payments in the currency the loan was taken out in.
The anti-spread bill, which was passed at the beginning of August, comes as some relief for Poland’s 700,000 borrowers who took out mortgages in Swiss francs.
The Swiss franc was a popular currency for mortgage loans before the financial crisis, when an additionally strong zloty made for a conversion rate of around 2 zloty to one franc near the end of 2008.
According to the free Metro daily, the lack of francs in Polish bureaux de change is a rumour that the Swiss central bank is to raise interest rates, which has caused the currency to slump, landing in at 3.5 zloty to the franc on Tuesday. (jb)