On Monday evening, the euro would quickly rise to above PLN 5 and the dollar to PLN 4.87. Finance Minister Andrzej Domański reassures: it is Google’s fault.
According to data from Google, the Polish zloty started the new year with a huge crash. On Monday evening, the euro cost PLN 5.40, the dollar PLN 4.83 and the Swiss franc PLN 5.80. The Polish currency was not so weak even after the outbreak of war in Ukraine. No wonder it went viral on social media.
Domański: The zloty exchange rate that is causing panic is fake
The issue was commented on by the Minister of Finance, Andrzej Domański. “Relax. This zloty rate causing panic is ‘fake’ (error in data source). The markets in Asia will open soon and the situation will return to normal,” he wrote on the X website (formerly Twitter).
According to “Rzeczpospolita”, the sudden currency turmoil was caused by a Google error, most likely caused by the fact that the National Bank of Poland had not provided the search engine with up-to-date data on exchange rates on January 1.
Analysts from the website Cinkciarz.pl point out that hypothetically, using fake data, someone could, for example, generate fake traffic on websites using artificial intelligence.
This is not the first time that Google’s services have failed, but such a serious error regarding exchange rates does not happen often – emphasizes “Rz”.
Source: Do Rzeczy
Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.
