(Bloomberg) -- Poland’s government said it would sell most of its foreign currency holdings in the market, providing support for the zloty, which has taken a battering amid concern about the economic impact of Russia’s invasion of Ukraine.

The Finance Ministry’s statement from Wednesday comes a day after the central bank intervened to prop up the currency after it plunged to the weakest level against the euro since 2009. Poland held 5.9 billion euros ($6.5 billion) in foreign currencies at the end of January, according to the ministry.

The zloty pared losses after the statement was published to trade 0.5% weaker against the euro at 2:34 p.m. in Warsaw. It’s down 4.1% since the war in Ukraine broke out last week, making it one of the worst emerging-market performers in that period.

“Good, co-ordinated action on the zloty from the Finance Ministry and the central bank,” Wojciech Stepien, an economist at BNP Paribas Bank Polska SA, said on his Twitter account.

Most of the Finance Ministry’s foreign exchange resources are euros received from the European Union as part of the bloc’s subsidies to its poorest regions.

©2022 Bloomberg L.P.