(Bloomberg) -- The Polish central said it could intervene to boost the zloty after Russia’s war in Ukraine sent the zloty reeling.

The currency’s deprecation “observed in recent days is not consistent with the fundamentals of the Polish economy, nor with the direction of the central bank’s monetary policy,” the National Bank of Poland said in a statement on Tuesday. 

Earlier in the day, the zloty hit its weakest level against the euro since 2009. Hungary said on Tuesday it could intervene to boost the forint. Both currencies pared declines. The zloty was trading 0.7% weaker at 4.7333 per euro at 4:30 p.m.

The announcement is the first time in years that the central bank specifically addressed the situation on the currency market in a statement released outside its regular monetary policy meetings.

The central bank “has an adequate level of foreign exchange reserves and has at its disposal an appropriate set of instruments to counteract negative trends in the financial and currency markets,” it said. 

A small share of goods that Poland sells to Russia and Ukraine as part of its trade “is a factor that will limit the negative impact of this situation on the Polish economy,” according to the statement.

In the past weeks, the authority has ramped up its rhetoric that it’s seeking a stronger zloty to curb runaway inflation and has long argued that currency interventions are part of its available toolkit. 

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