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ECONOMIC BRIEF

On July 1 NBS starts daily monitoring of hard currency position

The NBS Bank Council stated on June 4 that monetary development in the first quarter of 1997 was favorable. The monetary policy of the NBS complied with its 1997 Monetary Program, aimed at the reduction of loans provided by commercial banks. The Bank Council also approved a change in the monitoring of the hard currency position of banks for monetary purposes. From July 1 on, the position will be monitored on a daily basis, and not once every ten days as it currently is. The NBS extended VÚB's license to offer mortgages.

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