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Google provided information that incorrectly undervalued the Polish currency the zloty by over a fifth, prompting authorities on Tuesday to calm the public and demand the search engine giant provide an explanation.
On Monday evening, Google's currency converter showed a rate of up to 5.20 zloty per euro and 4.70 zloty per dollar, which represented a drop in value of more than a fifth from the rate on the previous trading day on Friday. The information set off a storm of speculation on X, formerly Twitter, and although Poles did not rush to buy dollars on Tuesday, officials called for calm.
"Relax. This zloty rate that is causing panic is a 'fake' (a data source error)," Poland's Finance Minister Andrzej Domanski said on X.
Spokojnie. Ten kurs złotego, który sieje panikę to „fejk” (błąd źródła danych). Za chwilę otworzą się rynki w Azji i sytuacja wróci do normy. Na Bloombergu sytuacja wygląda tak👇 pic.twitter.com/LBhlbrAJ1G
— Andrzej Domański (@Domanski_Andrz) January 1, 2024
Poland's central bank on Tuesday said 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 said it had officially asked Google Poland to explain how the incorrect exchange rate was published.
On Tuesday, the Polish currency traded at around 4.34 zloty per euro and 3.94 per dollar according to the Polish central bank rates.
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In a statement quoted by a Polish television TVN24, Google said its currency converter relied on data from “external sources”.
“If inaccuracies are reported, we contact data providers to correct errors as quickly as possible,” the company added.
