# Redenomination of the złoty (1995)

URL: https://poland-history.com/timeline/1995-redenomination-of-the-zloty
Location: Poland

The złoty was redenominated at a rate of 10,000 old to 1 new złoty. Within the broader Third Republic period: Democratic Poland transformed its economy, joined NATO and the European Union and became one of Europe's leading states, while confronting new security challenges on its eastern border. At this point in the timeline (1 January 1995), the governing authority was Lech Wałęsa (President of Poland). Solidarity leader and 1983 Nobel Peace laureate; first popularly elected President of Poland. Redenomination of the złoty mattered because economic change affected the wealth, society and power of the Polish lands. The event is placed here so readers can follow it alongside changes in government, warfare, society, religion and culture across Polish history.

## Why it matters
Redenomination of the złoty mattered because economic change affected the wealth, society and power of the Polish lands.

Ruler at the time: [Aleksander Kwaśniewski](https://poland-history.com/rulers/aleksander-kwasniewski)

## Sources
- [Wikipedia — Polish złoty](https://en.wikipedia.org/wiki/Polish_z%C5%82oty)
- [Encyclopaedia Britannica topic lookup — Redenomination of the złoty](https://www.britannica.com/search?query=Redenomination+of+the+z%C5%82oty)
- [Wikipedia — History of Poland (1989–present) (period overview)](https://en.wikipedia.org/wiki/History_of_Poland_(1989%E2%80%93present))