zloty

The zloty, written złoty in Polish, is the official currency of Poland. Its ISO code is PLN and its currency symbol is zł. The zloty is subdivided into 100 groszy (plural grosze). The National Bank of Poland (Narodowy Bank Polski, NBP) is the issuing authority. Poland is a member of the European Union but has not adopted the euro, so the zloty remains Poland’s legal tender and the focus of its monetary policy.

Etymology and naming: The name zloty derives from złoto, meaning “gold,” a historical reference to gold coins. The modern currency is simply known as the złoty; the term is used in singular and plural forms (złoty, złote, złotych).

History: A modern zloty was introduced in 1924 to replace the Polish mark after World War I and to stabilize the currency. After World War II Poland experienced hyperinflation again, leading to a 1950 redenomination that set 10,000 old złotych equal to 1 new złoty. In 1995 Poland redenominated once more, introducing the so‑called new złoty at 1,000 old złotych = 1 new złoty; the “new” designation was dropped in 1997, and the currency has been the złoty since then.

Banknotes and coins: Current banknotes are 10, 20, 50, 100 and 200 zł. Coins in circulation include 1, 2 and 5 zł coins and 1, 2, 5, 10, 20 and 50 groszy coins. The zloty is fiat money, with value determined by market factors and monetary policy conducted by the NBP.

See also: Economy of Poland, euro, currency.