If you paid by card abroad this week or bought something from a shop with prices in dollars, you may have noticed it came out more expensive. On Friday 23 October the Polish złoty (PLN) weakened against all major currencies. By the end of the day one euro cost about PLN 4.40 and one dollar about PLN 3.93. According to the financial daily Parkiet, the euro was this expensive for the first time in almost three years.

What currencies cost

Average exchange rates of Narodowy Bank Polski (NBP, Poland's central bank) on Friday 23 October (NBP publishes them once a day; they are used, among other things, for tax settlements):

• Euro: PLN 4.3917 (a day earlier PLN 4.3685),
• US dollar: PLN 3.9247 (a day earlier PLN 3.8886),
• Swiss franc: PLN 4.7681 (a day earlier PLN 4.7424),
• British pound: PLN 5.2498 (a day earlier PLN 5.2133).

Over two weeks, since 9 October, the franc rose by about 1.5%, the pound by about 1.6%, the dollar by about 0.6% and the euro by about 0.3%. The dollar has been climbing for longer: according to Super Biznes, it has gained more than 20 groszy (PLN 0.20) since the end of August and is at its most expensive in almost two years.

Why the złoty is weakening

The main reason is, once again, oil. Parkiet reports that after incidents involving tankers in the Strait of Hormuz, WTI crude cost more than 100 dollars a barrel and Brent was approaching 110 dollars. Gas in Europe also became more expensive. At such moments investors flee risk, and the currencies of countries like Poland are the first to lose.

Michał Stajniak, an analyst at the brokerage XTB, explained it this way: Poland imports almost all of its oil and much of its gas, so more expensive energy hurts the trade balance and the inflation outlook. "Oil remains the most important factor," he told Parkiet. The dollar, in turn, is supported by the fact that the US itself exports commodities.

There are domestic reasons too. The rating agency Fitch has changed its outlook on Poland to negative and expects a budget deficit of 7.3% of GDP in 2026. Moody's has cut Poland's credit rating to A3. For investors it is a signal that the state is borrowing more and more, which also weighs on the złoty.

Let's do the maths

A difference of a few groszy in the exchange rate seems small, but with larger amounts it adds up quickly. A few examples:

1. A winter holiday in the Alps. A hotel costing EUR 1,200 would cost PLN 5,160 at a rate of 4.30, and PLN 5,280 at 4.40. Every 10 groszy on the euro rate means PLN 120 more on that amount.
2. Shopping in a store priced in dollars. Equipment costing USD 300 is about PLN 60 more expensive today than at the end of August, because the dollar has risen by more than 20 groszy.
3. A Swiss-franc mortgage instalment. If you repay an instalment of CHF 800, at the NBP average rate of 9 October (PLN 4.6946) it was about PLN 3,756, and at the rate of 23 October (PLN 4.7681) about PLN 3,814. That is about PLN 59 more within two weeks. Remember that your bank converts the instalment at its own selling rate, which is usually higher than the NBP rate.

A weaker złoty also has a less visible effect: it raises the prices of imported goods – electronics, spare parts, fuel. This does not happen overnight, but if the slide lasts longer, it may make it harder for inflation to come down.

Some people gain, too: those who earn in euros or dollars, those who receive transfers from family abroad, and companies that export goods.

Will it last?

Nobody knows. The exchange rate now depends mainly on the situation in the Middle East and on oil prices, and those can change within a single day. Analysts' forecasts do not settle the matter: in mid-October experts at the payments firm Ebury expected the euro to return to about PLN 4.30 and the dollar to about PLN 3.70 by the end of the year. But that is only a forecast, not a promise – if oil keeps getting more expensive, the złoty may fall further.

What you can do

• Pay in the local currency of the country you are in. When a card terminal or ATM abroad offers to convert to złoty "right away", it usually applies a worse rate. Choose to pay in euros or dollars – your bank will do the conversion.
• Compare the rate at your bank and at an online currency exchange. The gap between the buying and selling rate (the spread) is often noticeably wider at banks. With a few thousand złoty, that is real money.
• If you have to buy currency for a trip anyway, do not do it all at once on a day of panic. You can split the purchase into several parts over a few weeks – that way you average the rate and do not have to guess the "best moment".
• Add a buffer to your travel budget. If you are planning a winter or Christmas trip abroad, assume a rate 10–20 groszy higher than today. If the złoty strengthens, you will have money left over.
• Record expenses in the currency you pay in. In Money Trackrr you can keep your budget in złoty, euros or dollars and convert it at the NBP rate, so you quickly see what a trip really costs you.
• Have a loan in Swiss francs or euros? Check what your last instalment was in złoty and keep a reserve in your account in case the rate rises further.

In short

• On 23 October the złoty weakened sharply: the euro cost about PLN 4.40, the dollar about PLN 3.93, and the NBP average rate for the Swiss franc was PLN 4.7681.
• The main reason is expensive oil and tension in the Middle East, plus concerns about Poland's public finances (Fitch, Moody's).
• On a EUR 1,200 trip every 10 groszy of the rate means PLN 120, and an instalment of CHF 800 rose by about PLN 59 in two weeks.
• Nobody knows how long the slide will last – pay in the local currency, compare spreads and plan trips with a buffer.

Information material, not financial or investment advice. Exchange rates change every day and analysts' forecasts may not come true. The calculations are simplified and based on NBP average rates. As of 25 October 2026.

Sources: Parkiet – the złoty clearly lost against the euro and the dollar, Wprost – exchange rates on 23 October 2026, Comparic – the złoty falls sharply, NBP rates over two weeks, Super Biznes – the dollar a step away from PLN 4, Fitch assessment, CEO.com.pl – Ebury's currency forecast for 2026 and 2027. Photo: omid armin / Unsplash.