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ECONOMIC BRIEFS

Central bank: No loosening of monetary policy soon

The Slovak central bank said on April 29 it saw no room to loosen monetary policy and may have to tighten it further if it saw no improvement in fiscal and trade deficits. "We see no further room for easing monetary policy... in terms of further declines in interest rates and increases in monetary macro agregates," central bank governor Vladimír Masár told reporters.

"Until a more significant reversal in the development of public finances is obtained with a positive effect on foreign trade, the central bank will pursue a more conservative and restrictive monetary policy," the NBS governor continued. "We expect that further government measures will result in lowering the fiscal and budgetary deficits."

Masár said last week the central bank saw no reversal in the development of public finances and foreign trade. The Slovak government has pledged to reduce the state budget deficit to two percent of gross domestic product from the current five percent.

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