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POLAND 3rd Republic (1990-1995) - Polish zloty [PLZ]

1 złoty = 100 groszy

By decision of the Polish parliament on December 31, 1989 the official name of Polish country changed from Polska Rzeczpospolita Ludowa (People's Republic of Poland) into Rzeczpospolita Polska (Republic of Poland) and the eagle from Coat of Arms regained its crown which had been removed by communists right after the World War II. It was a result of political changes after a collapse of communism. Another significant result was a 1990 financial reform of Leszek Balcerowicz, which was supposed to introduce a market economy in Poland. Due to this reform an inflation was reduced from 640% in 1989 to 60% in 1990 and even lower in the following years, which gradually improved state finances. Coins PLZ minted in this period had limited function in circulation, because the market was flooded with banknotes of the same face values.

last update: 19 I 2013

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