Why is it the Polish zloty has gone down in value since they joined eu ?

Question

I used to get 7.23 to the £ .in 2004 now its about 5.5

There seems to be a double barrelled explanation to my Question.
1. any money leaving England for Poland fetches far less now than in April 2004 hence all those workers in England sending money home are worse off in fiscal terms.
2.Those intending to leave Poland also get a lesser exchange rate .
3 . Only those staying in Poland benefit from the decrease , which seems absurd seeing as the wages are relatively the same as they ever were "LOW."

Answer 1

There is a misunderstanding: if you get LESS for your currency, it means that the other currency has gone UP, not DOWN in value. For example, one euro gave you 4.76 zlotys in March 2004, and today's rate is 3.87. For pound sterling the respective figures are 6.99 and 5.70. And this has nothing to do with acceptance of euro as national currency - the Polish government's plans on that are rather vague, but it definitely won't happen before 2010.

Answer 2

Coincidence from the time you are referring to. The zloty hit a high (actually low, as correctly pointed out by another poster) of about 7.23 in April/May 2004 - only 6 months before that it had been at about 6zl to the £, and a few months before that around 5.5. Due to all sorts of currency fluctuations in 2004, it was weaker against the pound then, but since recovered, and has been pretty stable at 5.5-6zl/£ for the last couple of years.

Answer 3

unfortunately Poland still has a very weak and struggling ecomony

Answer 4

in preparation for them using the Euro?

Answer 5

Because all the youngsters are leaving the country to come to Britain and Ireland thus depriving their own country with talent.