Crown hits new record, exporters worried

THE SLOVAK crown reached a new record level on January 9 when, on the back of the surging Polish zloty, its exchange rate against the euro hit Sk37.37.

Until January 9, the crown's highest rate had been Sk37.51 to the euro set in March 2005, the Hospodárske noviny business daily wrote.

"Provided developments remain positive, the crown may continue to appreciate," Unibanka analyst Patrik Malec told the daily.

Although Slovak residents may benefit from the stronger currency in the form of cheaper goods and holidays abroad, Slovak exporters who do their deals in euros are worried.

"Each 1 percent increase in the strength of the crown costs our firms Sk0.5 billion in sales," said Tibor Gregor, the director of Klub 500, an association of Slovak companies employing over 500 people.

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