Spectator on facebook

Spectator on facebook

IN SHORTS

NBS halts crown fall

THE NATIONAL Bank of Slovakia (NBS) finally reacted to the Slovak crown's sharp decline on June 11 by buying what dealers estimated was 30-50 million euro worth of the local currency.

The bank intervened to support the crown despite statements made last week by bank governor Marián Jusko, who then expressed satisfaction with the development of the local currency falling from its historically strongest levels against the euro.

After reaching a high of 41.37 crowns to the euro in the first half of April, the crown fell to 44.80 to the euro on June 11, prompting the NBS intervention, which propped exchange rates back to 44.43 SKK/EUR.

"The central bank decided to intervene in favour of the crown, considering such a level as harmful," said František Szulényi, head of the NBS treasury department.

"I am convinced that if the NBS had stayed passive, the crown would have weakened even more," he said.

He added that the NBS expected exchange rates to stabilise at an acceptable level, adding that "the NBS is ready to intervene again in case the crown gets to a level not beneficial for the national economy."

Top stories

Cloud computing becomes a standard

External servers are now much more secure than local business ones, according to experts.

Slovak firms have their eyes on the cloud.

Slovaks drink less and less

Behind the decline in alcohol consumption is, for example, the abandoning of the habit of drinking at work – typical especially during communism, according to an expert.

Kiska: Even Europe has its aggressive neighbour

President Andrej Kiska addressed UN commenting poverty, instability and climate change.

President Andrej Kiska

Arca Capital enters the banking sector

Czech and Slovak financial group acquires a majority share in Austrian private bank Wiener Privatbank.

Bank, illustrative stock photo