Archive of articles - July 1997, page 5

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NBS moves to increase interbank liquidity

The National Bank of Slovakia (NBS) moved on June 25 to increase liquidity on the interbank money market, calling for the country's reference banks - the eight largest Slovak market players - to resume quoting obligatory volumes."We expect the reference banks to resume [quoting obligatory volumes] in July, following the agreement on obligatory quoted volumes and spreads," said Peter Andresič, head of the NBS's Open Market Operations Department.The NBS has sharply reduced market liquidity to fight downward pressure on the Slovak crown over the past month by ceasing to hold its daily repo operations often used by banks for liquidity. The central bank eventually won the battle for currency stability, but the liquidity squeeze has virtually paralyzed trading in crowns.

Reuters 3. jul 1997

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