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NBS acts to stabilise crown

The central bank yesterday intervened on the forex market by buying crowns to raise the falling Slovak currency from near 45 to the euro to 44.45 at the close of trading. Dealers estimated the move cost the bank 30-50 million euro, and said it had restored calm to a market rocked by worries over economic indicators (trade balance, fiscal deficit) and approaching elections.

The crown has lost eight per cent against the euro since April, when it hit a historic high on the back of a strong Czech crown.

Compiled by Tom Nicholson from press reports.
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.

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