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BUSINESS SHORT

Buying koruna will pay off

INVESTING in the Slovak currency, the koruna, should pay off this year, according to an analysis the Hospodárske Noviny daily published on February 26.

The Slovak unit, which gained the most (9 percent) of all global currencies against the euro last year, is expected to make more gains this year as well.

The Slovak central bank (NBS) intervened against the koruna twice in December 2006 to halt its rapid strengthening, but allowed the unit to firm after the subsequent publication of the country's strong economic results.

"Should economic growth in the next year or two accelerate to 10 percent instead of the forecast 7 percent, and should productivity rise in a similar manner, the koruna may well gain an extra 3 percent in real terms," said analyst Zdenko Štefanides.

Finance Minister Ján Počiatek has predicted economic growth of 9 percent in 2007.

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