ECONOMIC BRIEFS

NBS foresees no devaluation

According to Karol Mrva, director of the National Bank of Slovakia's (NBS) hard currency department, the central bank will not devalue the crown. "The NBS does not contemplate a devaluation of the Slovak currency," Mrva said. "The NBS just began using the Sk fluctuation spread (+/-5 percent)."

He continued: "Although hard currency reserves in the commercial banking sector declined $400 million since the beginning of this year, NBS reserves grew $200 million to $3.65 billion as of October 8. These reserves cover 3.7 - 3.8 months of Slovak imports, and are at a high enough level to maintain the current Sk exchange rate. In the coming months, growth in the money supply is expected to slow down, resulting in reduced imports and a decrease in the pace of foreign trade deficit growth."

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