In Poland, economists at TD Securities see EUR/PLN stabilize around 4.60.

PLN could weaken somewhat in Q1 2023

“PLN could weaken somewhat in Q1 2023 on peak inflation and peak recession risks. However, over the long term, we continue to hold a positive view on Zloty and think that EUR/PLN will fall back to 4.60 by the end of 2023.”

“The NBP started hiking much earlier than the ECB, therefore front-loading the effects of monetary tightening, and will likely continue to reap its positive effects down the line.”