Google’s fake Polish currency rate sparked fears of a currency crash

By Grzegorz Adamczyk
2 Min Read

On the evening of Jan. 1, Google’s currency converter showed a rate of up to 5.20 złoty per euro and 4.70 złoty per U.S. dollar, which represented a drop in value of more than a fifth from the rate on the previous trading day of Dec. 29.

The information set off a storm of speculation on the X platform, and although Poles did not rush to buy dollars on Jan. 2, officials called for calm.

“Relax. This złoty rate that is causing panic is a ‘fake’ (data source error),” Polish Finance Minister Andrzej Domański wrote on X. Had the fake information been true, it would have meant there was a 32 percent increase compared to Friday’s closing.

Poland’s central bank, the NBP, announced on Jan. 2 that the exchange rate published by Google was “fictitious,” adding the currency exchange rates and charts on the platform “are not always precise.”

The finance ministry stated that it had officially asked Google Poland to explain how the incorrect exchange rate was published. It also requested Google to explain what steps it aims to take to avoid such situations in the future.

Google issued a statement that its currency converter relied on data from “external sources,” adding that “if inaccuracies are reported, we contact data providers to correct errors as quickly as possible.” Furthermore, the company explained that in case of any reported mistakes, it immediately contacts the data provider to fix them as soon as possible.

“We have also temporarily switched off the exchange rate display function. We apologize for this situation,” the company added.

On Jan. 2, the Polish currency traded at around 4.34 złoty per euro and 3.94 per U.S. dollar, according to the Polish central bank rates. 

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