Poland effectively devalued its currency, the zloty, by 13.5 percent against the dollar in a bid to boost exports. The central bank gave the new rate of the zloty as 170 to the dollar, compared with 147.11 on Jan. 27, giving a devaluation of 13.5 percent when calculated by the International Monetary Fund method. The rates were published by the official news agency PAP, which said the zloty was ”pegged considerably lower against all leading Western currencies.” PAP did not describe the fall as a devaluation, but ministers have said recently that the zloty, which is not a convertible currency, would be devalued to boost Poland`s flagging export performance. Poland`s 1985 export performance was well below target with a hard currency visible trade surplus of $1.08 billion.
