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New NBS Governor promises tight monetary policy

Marian Jusko, whom Parliament elected on July 8 as the new governor of the National Bank of Slovakia, told the press that he sees no space for relaxing the central bank's monetary policy. Though the central bank has registered certain macroeconomic improvements, this progress is not significant enough to enable the NBS to loosen its monetary policy.

Jusko takes over the post of NBS Governor from Vladimír Masár, whose term ended on July 29. As the current NBS vice governor, Jusko stressed the importance of the effect of the government's austerity package on the stability of the Slovak economy. Jusko predicted that the recovery effect could be considerable, and would be seen in the positive development of the fiscal deficit and the deficit of the current account of the balance of payments.

Jusko said he did not intend to make any changes in the priorities of the NBS monetary policy. Among the NBS' core tasks, Jusko listed keeping the stability of the Slovak crown exchange rate, regardless of the exchange rate regime, and solving the problems of the Slovak banking sector.

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