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Slovak crown shows record strength

BEFORE the Slovak government approved the 2007 state budget, the Slovak crown hit a new record - towards the end of the trading day it stood at 36.81 SKK/EUR.

According to PM Robert Fico, the strengthening of the crown is the result of a government-approved budget that meets some of the requirements for Slovakia's planned euro adoption in 2009.

Yet analysts have a different opinion, the Sme daily wrote.

While they admit that the budget news had a positive impact on the crown, the influence was only partial.

"The crown has received the budget positively, but behind the strengthening is largely speculative capital, which has been coming to our region for several days now," said foreign currency dealer Roman Farkaš of Tatra banka.

"Because the key budget parameters were in line with expectations, the official passage of the budget was not so decisive for the markets today," added Tatra banka's economist Róbert Prega.

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