Archive of articles - October 1998, page 2

Slovak companies register receivables of 318 billion Sk for 1H98

Quotes of the Week

Slovaks slap visa on Brits

A week after the UK demanded that Slovaks have visas to visit the United Kingdom, Slovakia retaliated with a visa requirement for British citizens as of October 15. Noting "with regret" the one-sided British decision of October 8, the government said it was confident visa-free travel would resume soon.Despite some initial delays at Slovak Foreign Police departments across Slovakia, the visa regime has been taken in stride, and UK citizens can now get their Slovak visas issued within one day."Since the existing law does not specify the time that the visa process should take, we decided to make an exception in case of the UK and circulate a directive on processing Slovak visas for British citizens immediately," said Pavol Ňuňuk, director of Foreign Police in Slovakia.

One year bond auction excites investors

The Slovak currency exchange rate against major hard currencies was relatively stable from October 14 to 21, as customers did not show any strong interest to buy or sell Slovak crowns and the interest of foreign institutions remained very low. The market is waiting for any new signals from the new government in order to guess how they will try to solve the main financial problems of the country.The Slovak currency index fluctuated between 9.5 and 12.5% on the weak side of the band, most of the time hovering at levels around 10-11%. Interest rates experienced some easing on the short end of the yield curve as short-term funds up to 7 days hovered below 20%. Long term tenures stayed at high levels between 22 and 28%, with market spreads of 4-5%.

September jobless rate unchanged at 13.76%

Community Grapevine

Am-Cham October Business CocktailOldies' Parties at Hotel TatraNew English-language library

Slovak shipmaker sues Bulgarian court

Juhocukor Decreases Sugar Production

Municipal election law is invalid

Nation-wide municipal elections, originally set for November 13-14, may have to be delayed up to eight months due to inconsistencies in the new municipal election law.According to an October 15 decision handed down by the Constitutional Court, the July 1998 municipal election law amendment muscled through parliament by the outgoing government of Premier Vladimír Mečiar contained six provisions that contradicted the Slovak Constitution.Deputies from the former opposition parties, which won a healthy majority in September elections, are now trying to decide whether to scrap the new law altogether, or delay elections and make the necessary changes. But all agree that elections cannot go ahead as planned.

NBS chief lectures new leaders

National Bank of Slovakia (NBS) Governor Vladimír Masár said on October 21 that the creation of a new Slovak government could be a positive signal for the crown and its stability. The role of the central bank, he added, would be to defend the crown at "acceptable" levels and to maintain a cautious monetary policy.Masár also said that the economic programme of the new cabinet should focus on stabilizing Slovakia's current economic imbalances. He was referring mainly to the growing current account deficit and the burgeoning state fiscal shortfall.Speaking at a press conference in Bratislava, Masár and senior central bank officials reiterated that stability of the crown would remain the bank's main goal even though it had abandoned the currency's fluctation band and abolished its fixed exchange regime at the beginning of October.

Jazz Days festival ready to roll

This year's Bratislava Jazz Days runs from October 23 to 25. As usual, concerts start in the evening and last until early the next morning. Despite the organisational problems that have snarled previous festivals, the organisers claim that this year's concerts should not last much past 1 a.m. On Friday October 23 and Saturday October 24, concerts kick off at 7 p.m., while Sunday's events start an hour earlier.Besides two Slovak bands, the festival will present mainly American and European artists, many of whom belong to the world's jazz front liners. Courtney Pine, the British sax legend whose repertoire ranges from mainstream to hip-hop, will hit the stage on October 23, accompanied by a band that includes two DJ's.

Indonesia to import fertiliser from Slovakia

Indonesia plans to import 100,000 tonnes of potassium-based fertiliser from Slovakia next year to boost food production, the official Antara news agency reported on October 12."We have discussed with Slovakia the prospects for importing fertiliser. Slovakia has said it will be able to export 100,000 tonnes," Agriculture Minister Soleh Salahudin was quoted as saying on October 12. Salahudin said the government had decided to import potassium chloride because the present domestic stocks estimated at 60,000 tonnes were not enough."If negotiations are smooth, it (the import) will be done in 1999. The fertiliser will be allocated for five million hectares of land during one planting season," he said. Antara gave no further details.

What's Happening in Bratislava

Letter to the Editor: Mečiar and Clinton cannot be trusted

The romance of Kremnica

Former mining towns do not rank high on most lists of romantic destinations, but central Slovakia's Kremnica is a beguiling exception.A town of 7,000 snugged into the hills near Banská Bystrica, Kremnica combines those features which make Slovakia so memorable - unpolished natural beauty, a storied past and a timeless small-town feel.Kremnica also fits the bill perfectly for a romantic weekend trip. There are plenty of monuments and museums one could visit if the need arose, but not so many that visitors feel guilty about sleeping in until 4 p.m.. The woods that stretch into the hills north of the town are ablaze with colour at this time of year, but no path leads one tediously far from downtown, and almost every trail seems to end at a pub.

Slovak crown steady, seen firmer on domestic buying

Around Slovakia

Róbert Dinič shot in his carSerial petrol station burglarsThieves attack local residentDead man walking

STV Council on borrowed time

The parties of the former political opposition are itching to make personnel, editorial and legislative changes to the state-owned STV channel, but will not be able to satisfy their ambitions until they form a new government and prepare a new public TV law.STV, which has been widely criticised by media groups for serving the political interests of outgoing Premier Vladimír Mečiar and his populist HZDS party, is controlled by a Council whose members are chosen by Parliament. The Council's mandate, among other things, is to protect balance and independence in STV's editorial policy.

Tatras construction proceeds at breakneck pace

The Slovak government has undertaken a reconstruction project in Poprad and the High Tatras that will cost the taxpayer 344 million Sk ($9.66 million) by the time it is completed in January 1999. The renovations to winter stadiums, ski hills and ramps aim to provide first class sporting facilities to competitors at the 1999 World University Winter Games, which is scheduled to be held in northern Slovakia early next year.The main investor behind the project is the Slovak Association of Physical Culture (SZTK), which obtained funds from the Ministry of Education and the Ministry of Finance. Štefan Lackovič, the executive secretary of SZTK, said that the 1999 Universiad is being viewed as a trial run for a possible Winter Olympics. Slovakia, or rather Poprad-Tatry, is one of the candidates for the 2006 Winter Games.