The złoty (alternative spelling: zloty; Polish: polski złoty, pronounced [ˈzwɔtɨ] ; abbreviation: zł; code: PLN,) is the official currency and legal tender of Poland. It is subdivided into 100 groszy (gr). It is the most-traded currency in Central and Eastern Europe and ranks 20th most-traded in the foreign exchange market. The word złoty is a masculine form of the Polish adjective 'golden', which closely relates with its name to the guilder, whereas the grosz subunit is based on the groschen, cognate to the English word groat. It was officially introduced to replace its interim predecessor, the Polish marka, on 28 February 1919 and began circulation in 1924. The only bodies permitted to manufacture or mint złoty coins and banknotes are the Polish Security Printing Works, founded in Warsaw on 25 January 1919, and Mennica Polska, founded in Warsaw on 10 February 1766. As a result of inflation in the early 1990s, the currency underwent redenomination. Thus, on 1 January 1995, 10,000 old złoty (PLZ) became one new złoty (PLN). As a member of the European Union, Poland is obliged to adopt the euro when all specific conditions are met; however, there is no time limit for fulfilling all of them. (See Poland and the euro.) Currently, Poland is not in the European Exchange Rate Mechanism (ERM II).