diff --git a/app/code/core/Mage/Directory/Model/Observer.php b/app/code/core/Mage/Directory/Model/Observer.php
index b5503c34c28..08f91efaf95 100644
--- a/app/code/core/Mage/Directory/Model/Observer.php
+++ b/app/code/core/Mage/Directory/Model/Observer.php
@@ -22,49 +22,57 @@
 class Mage_Directory_Model_Observer
 {
     public const CRON_STRING_PATH = 'crontab/jobs/currency_rates_update/schedule/cron_expr';
-    public const IMPORT_ENABLE = 'currency/import/enabled';
-    public const IMPORT_SERVICE = 'currency/import/service';
+    public const IMPORT_ENABLE    = 'currency/import/enabled';
+    public const IMPORT_SERVICE   = 'currency/import/service';
 
-    public const XML_PATH_ERROR_TEMPLATE = 'currency/import/error_email_template';
-    public const XML_PATH_ERROR_IDENTITY = 'currency/import/error_email_identity';
+    public const XML_PATH_ERROR_TEMPLATE  = 'currency/import/error_email_template';
+    public const XML_PATH_ERROR_IDENTITY  = 'currency/import/error_email_identity';
     public const XML_PATH_ERROR_RECIPIENT = 'currency/import/error_email';
 
     /**
+     * @param Mage_Cron_Model_Schedule|null $cron
      * @throws Mage_Core_Exception
      */
-    public function scheduledUpdateCurrencyRates()
+    public function scheduledUpdateCurrencyRates($cron = null)
     {
-        $importWarnings = [];
         if (!Mage::getStoreConfig(self::IMPORT_ENABLE) || !Mage::getStoreConfig(self::CRON_STRING_PATH)) {
             return;
         }
 
-        $service = Mage::getStoreConfig(self::IMPORT_SERVICE);
-        if (!$service) {
-            $importWarnings[] = Mage::helper('directory')->__('FATAL ERROR:') . ' ' . Mage::helper('directory')->__('Invalid Import Service specified.');
-        }
+        $errors  = [];
+        $service = (string)Mage::getStoreConfig(self::IMPORT_SERVICE);
+        $importModel = null;
 
-        try {
-            /** @var Mage_Directory_Model_Currency_Import_Abstract $importModel */
-            $importModel = Mage::getModel(Mage::getConfig()->getNode('global/currency/import/services/' . $service . '/model')->asArray());
-        } catch (Exception $e) {
-            $importWarnings[] = Mage::helper('directory')->__('FATAL ERROR:') . ' ' . Mage::throwException(Mage::helper('directory')->__('Unable to initialize the import model.'));
+        if ($service) {
+            try {
+                /** @var Mage_Directory_Model_Currency_Import_Abstract $importModel */
+                $importModel = Mage::getModel(Mage::getConfig()->getNode('global/currency/import/services/' . $service . '/model')->asArray());
+            } catch (Exception $e) {
+                $errors[] = 'FATAL ERROR: Unable to initialize the import model (' . $e->getMessage() . ').';
+            }
+        } else {
+            $errors[] = 'FATAL ERROR: Invalid Import Service specified (' . $service . ').';
         }
 
-        $rates = $importModel->fetchRates();
-        $errors = $importModel->getMessages();
-
-        if (count($errors)) {
-            foreach ($errors as $error) {
-                $importWarnings[] = Mage::helper('directory')->__('WARNING:') . ' ' . $error;
-            }
+        if (is_object($importModel)) {
+            $rates  = $importModel->fetchRates();
+            $errors = $importModel->getMessages();
         }
 
-        if (!count($importWarnings)) {
+        if (isset($rates) && !count($errors)) {
             Mage::getModel('directory/currency')->saveRates($rates);
         } else {
-            $translate = Mage::getSingleton('core/translate');
+            $errors = 'An error occured while importing currency rates, no rates updated.' . "\n- " . implode("\n- ", $errors);
+
+            Mage::logException(new Exception($errors));
+            if (is_object($cron)) {
+                /** @var Mage_Cron_Model_Schedule $cron */
+                $cron->setMessages($errors);
+                $cron->setIsError(true);
+            }
+
             /** @var Mage_Core_Model_Translate $translate */
+            $translate = Mage::getSingleton('core/translate');
             $translate->setTranslateInline(false);
 
             /** @var Mage_Core_Model_Email_Template $mailTemplate */
@@ -77,7 +85,7 @@ public function scheduledUpdateCurrencyRates()
                 Mage::getStoreConfig(self::XML_PATH_ERROR_RECIPIENT),
                 null,
                 [
-                    'warnings' => implode("\n", $importWarnings),
+                    'warnings' => $errors,
                 ]
             );
 
diff --git a/app/locale/en_US/Mage_Directory.csv b/app/locale/en_US/Mage_Directory.csv
index e2996a234cd..bea74fa9e53 100644
--- a/app/locale/en_US/Mage_Directory.csv
+++ b/app/locale/en_US/Mage_Directory.csv
@@ -25,7 +25,6 @@
 "Error Email Recipient","Error Email Recipient"
 "Error Email Sender","Error Email Sender"
 "Error Email Template","Error Email Template"
-"FATAL ERROR:","FATAL ERROR:"
 "Fixer.IO","Fixer.IO"
 "Frequency","Frequency"
 "Installed Currencies","Installed Currencies"
@@ -52,9 +51,7 @@
 "The account this API request is coming from is inactive.","The account this API request is coming from is inactive."
 "The current request did not return any results.","The current request did not return any results."
 "The maximum allowed API amount of monthly API requests has been reached.","The maximum allowed API amount of monthly API requests has been reached."
-"Unable to initialize the import model.","Unable to initialize the import model."
 "Undefined rate from ""%s-%s"".","Undefined rate from ""%s-%s""."
-"WARNING:","WARNING:"
 "We can't retrieve a rate from %s for %s.","We can't retrieve a rate from %s for %s."
 "Webservicex","Webservicex"
 "Your Currency","Your Currency"
diff --git a/phpstan.dist.baseline.neon b/phpstan.dist.baseline.neon
index 8a1e7f903af..6feaf2f9c6f 100644
--- a/phpstan.dist.baseline.neon
+++ b/phpstan.dist.baseline.neon
@@ -3020,11 +3020,6 @@ parameters:
 			count: 1
 			path: app/code/core/Mage/Directory/Model/Currency/Import/Webservicex.php
 
-		-
-			message: "#^Variable \\$importModel might not be defined\\.$#"
-			count: 2
-			path: app/code/core/Mage/Directory/Model/Observer.php
-
 		-
 			message: "#^Left side of && is always true\\.$#"
 			count: 1