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."
23. Oct 1996 at 0:00 | From press reports of TASR and SITA