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Central bank closes year in red

SLOVAKIA's central bank closed last year with a loss of Sk663 million (€17.6 million), according to the 2005 fiscal year report approved by the bank's board on March 21.

The central bank board members voted to refinance the loss from the bank's future earnings and to take austerity measures such as closing 95 National Bank of Slovakia branches as of July 1.

According to bank spokesman Igor Barát, the central bank's losses are largely due to its forex transactions, which serve various monetary policy aims rather than make money for the bank.

Compiled by Martina Jurinová from press reports
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