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EU sets new limits for the Slovak crown

The European Central Bank has announced that the EU has, at Slovakia’s request, agreed to move the central parity of the Slovak crown from Sk38.455 per euro to Sk35.4424 per euro, which is an appreciation by 8.5 percent.

The Slovak crown will be allowed to fluctuate +/-15 percent from the central parity in the ERM II European exchange rate mechanism, which is a waiting room for the euro.

The new limits for the crown are now Sk40.759 per euro and Sk30.126 per euro.

Keeping the national currency within the set fluctuation band for two years from entry into ERM II is one of the conditions for adoption of the euro. Slovakia joined ERM II in November 2005.

The change of central parity of the Slovak crown was approved by the finance ministers of EU countries, representatives of the ECB, and ministers and central bank governors of Cyprus, Denmark, Estonia, Latvia, Lithuania, Malta and Slovakia, whereby the decision should be officially announced by the ECB and the NBS as markets open on March 19.

Compiled by Zuzana Vilikovská from press reports
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