The złoty is the official currency of the Republic of Poland. The name of the currency is also the Polish word for golden, but in English, the currency is often spelled zloty, instead of złoty for ease of typing. The zloty is subdivided into 100 groszy. The current zloty was introduced in 1995, but its history dates back to the 14th century. The sole issuing authority of the zloty is the National Bank of Poland. It is circulated through a series of coins in denominations of 1, 2, 5, 10, 20 and 50 groszy and 1, 2 and 5 zloty. Banknotes circulate in denominations of 10, 20, 50, 100 and 200 zloty.
The zloty became the national currency of Poland in 1496 with the introduction of a 30 groszy coin valued at 1 zloty. In the 18th century, other units of the zloty included the Conventionsthaler, equal to 8 zloty; the groschen, equal to one-quarter zloty; and the talar, equal to 6 zloty. In 1816, Congress Poland, controlled by Russia, began issuing the zloty, and a fixed exchange rate was established between Russian and Polish currencies. After a period of using the Russian ruble and then the Polish marka, in 1924, the second zloty was introduced because of hyperinflation. The second zloty replaced the marka at 1 zloty: 1,800,000 marka. A third zloty was introduced in 1950 at 1 third zloty: 100 second zloty, and a fourth in 1995 at 1 fourth zloty: 10,000 third zloty.
The National Bank of Poland was established as the central bank of Poland in 1945, acting as a continuation of two former Polish central banks. Today, the National Bank of Poland is a modern and autonomous central bank, managing commercial banks and providing banking services to the government.
Poland has a high-income economy that is considered one of the strongest within the European Union amongst form communist countries. After the privatisation of the economy began in 1990, development has been aggressive and successful. Poland was the only country in the European Union (EU) that did not experience a decline in GDP due to the world recession in 2008. In 2009, Poland had the highest economic growth rate in the EU, and Warsaw had the highest level of foreign investment in Central Europe. Poland still faces some economic challenges, but the country’s goal is to meet the requirements for joining the Eurozone and adopt the euro.