Economists at TD Securities expect the Polish central bank to be hawkish and hence continue to be relative bullish on the zloty. They forecast the EUR/PLN at 4.40 by end-2022. 

Ongoing spat with the EU may cause PLN weakness

“We see EUR/PLN moving lower in 2022, reaching 4.40 by year-end, before converging back to the pre-pandemic level of 4.30 in 2023.”

“The ongoing spat with the EU may cause PLN weakness, but over the long-term, we see PLN well-supported by continued strong growth and a more hawkish NBP.”