UPDATE 1-Polish zloty fall unjustified, growth to slow-cbanker

Poland's economic fundamentals do not justify the zloty's recent depreciation, although growth in 2009 could be less than 2.8 percent, the central bank governor said on Friday.

'As far as the current situation is concerned, fundamentals show that the depreciation (of the zloty) is not justified. I'm confident about the future of our currency,' Slawomir Skrzypek told reporters.
But Skrzypek, who has been a leading dove on the central bank's rate-setting council, warned of a significant economic slowdown next year.

'There are a number of risks that (the economic growth rate in 2009) could be lower than showed in the October projection (2.8 percent),' Skrzypek said.

The government expects the European Union's largest ex-communist economy to grow by 3.7 percent next year, but analysts have slashed forecasts due to a deepening recession in the euro zone and global doom that should weigh on exports.

Source:By Marcin Goclowski, Karolina Slowikowska, Chris Borowski
forbes.com