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Central bank governor: Crown firming "too quickly"

SLOVAKIA'S central bank governor, Ivan Šramko, verbally intervened against the surging domestic currency yesterday, noting that the recent strengthening of the crown was too steep.

"Our analyses show that the gains of the Slovak currency are excessive. We will see how the situation develops in future," Šramko said after the cabinet session on December 13.

Šramko refused to comment on any possible direct interventions by the National Bank of Slovakia (NBS) to halt the strengthening of the Slovak currency. The next NBS Bank Board session, at which such a step might be taken, is scheduled for next Wednesday.

On December 13, 2006 the crown came to a new maximum of 34.620 SKK/EUR, and has now gained almost 10 percent against the euro currency since Slovakia entered the ERM II “waiting room” for adopting the euro in November 2005.

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