Central bank's interventions push country's forex reserves down

Slovakia's foreign exchange reserves dropped again in mid-May, closing on May 19 at $4.1175 billion, down $27 million from the previous week.

The forex reserves of the National Bank of Slovakia (NBS) decreased $48.5 million to $2.7090 billion, while the forex reserves of commercial banks swelled $21.5 million to $1.4085 billion, central bank officials said on May 21.

The decrease in the NBS's forex reserves was caused by its interventions on the forex market against the excessive volatility of the Slovak crown exchange rate. The NBS sold 80-90 million euros in successive interventions.

Slovakia's total forex reserves reached a high point on September 16, 1998, when they totaled $8.0078 billion. This increase was caused by the pre-election expectations of banks and their clients, who started to convert massive volumes of crowns into foreign currencies.

Get daily Slovak news directly to your inbox

Top stories

News digest: Slovakia still dealing with the loss of its talent

Economy minister promises extensive support for hydrogen technologies in Slovakia. Far-right supporters protested in front of PM’s house during the weekend.

The far-right ĽSNS organised a protest in front of PM Igor Matovič's house in Trnava.

Hospital manners expose the toxicity of Kollár

Unjustified privileges overshadow some good news of the coalition's work. Halloween testing will not be repeated during advent time.

PM Igor Matovič (l) and Speaker of Parliament Boris Kollár

Sulík’s party benefits from the dispute with PM Matovič

The Hlas party of former PM Pellegrini is rising, too.

Economy Minister Richard Sulík (l) was charged by PM Igor Matovič (r) to purchase millions of antigen tests.

Anyone can publish a book. Authors often avoid publishers

Self-publishing is setting a new trend.

Nikoleta Kováčová has published two cookbooks without the aid of a publishing house.