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Šramko: crown stable

The weakening of the Slovak crown, which went over the Sk34-per-euro threshold this week, isn’t making the Slovak central bank (NBS) nervous.

"It's a minor weakening, still not far away from the central parity," NBS governor Ivan Śramko said on September 25.

That's why the NBS sees the crown as comparatively stable over the past period.

"The changes are caused by external rather than internal factors. We assess it as a stable development, not a fundamental change," he explained.

Governor Šramko isn't concerned that the weakening of the Slovak currency could result in price increases. Just as no significant appreciation of the crown has been reflected in the development of inflation over the past year, he expects that if the crown weakens slightly, it will likewise have no major influence on inflation.

In its commentary on the decision not to adjust its key interest rates, the NBS bank board on Tuesday stated that during July and August, the exchange rate of the Slovak currency had continued its relatively stable development; while with the successive dying out of last year's basic effect caused by the summer depreciation, a slowing down of the year-on-year dynamics of appreciation was occurring. TASR

Compiled by Zuzana Vilikovská from press reports
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