Polish firms may face huge FX losses-EconMin

WARSAW, Dec 4 (Reuters) - Polish companies' losses on currency hedging could total tens of billions of euros after a sharp decline in the zloty over the last few months, the economy minister said on Thursday.

"It is a threat to the Polish economy," Waldemar Pawlak said during a televised meeting with coal miners in Suszec, southern Poland.

"As far as we can see, threats linked to that problem may equal even tens of billions of euros. That's how much our companies could be milked," he added.

Pawlak, who is deputy prime minister in the centre-right government, has warned before that Polish companies may face serious financial problems as they shell out millions of zlotys to settle foreign exchange contracts.

Earlier this year, the Polish currency soared to record highs against the euro, buoyed by strong economic growth, and many Polish exporters took out hedging contracts, effectively betting on further zloty appreciation.

But the zloty has shed some 18 percent against the euro since July, forcing some companies, including listed chemical company Ciech CECH.WA and refractory materials maker Ropczyce ROPC.WA, to book losses on those trades.

Some analysts said those contracts could weigh on company results for years to come, potentially as far out as 2011.

The financial markets regulator is currently trying to assess the scale of the problem and should publish its findings around mid-December, its spokesman told Reuters on Thursday.

(Reporting by Adrian Krajewski; editing by Patrick Graham)