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Poland's Parliamentary Election Affects Economy
On Monday, the Polish zloty experienced a surge against major world currencies such as the euro, dollar, Swiss franc, and British pound, following the country's recent parliamentary elections. This development came after the Law and Justice party secured a substantial 200 seats in Sejm, the lower house of parliament, claiming 36.8% of the votes.
However, aggregate exit polls predict a collective majority for opposition parties, which are projected to amass 248 seats. The shifting political landscape fostered a favorable trading environment for the zloty on Sunday.
Opposition Parties' Impact on Economy
Among the opposition parties making a dent are the Civic Coalition with 31.6% of votes translating to 163 seats, Third Road securing 55 seats with 13% of votes, the Left earning 30 seats with 8.6% of the votes, and the Confederation bagging 12 seats with 6.2% share of votes.
Monday morning's exchange rates were quoted as PLN 4.47 against the euro, PLN 4.24 against the dollar, PLN 4.71 against the Swiss Franc, and PLN 5.16 against the British pound.
Exit Poll Predictions and Final Results
A late exit poll conducted by Ipsos unveiled the Law and Justice party with 36.6% of votes, the Civic Coalition commanding 31% votes, the Third Way coalition with 13.5%, the Left party at 8.6%, and the Confederation party at a close 6.4%. For a law to be enacted in the Sejm, a minimum of 231 seats out of 460 is required.
The final result of the election is expected to be announced by the electoral commission early Tuesday. This political change and what it might portend for Poland's governance will undoubtedly play a pivotal role in the performance of the zloty in the foreign exchange market in the coming days.
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