NBS intervenes again to support crown

The central bank spent an estimated 20 to 40 million euros yesterday on two interventions to prop up the Slovak crown, bumping it back from a low of 44.92SKK/EUR to 44.47 at the close of trading. It is the second time in as many weeks the bank has intervened, after not having done so for almost 18 months.

The crown has dropped almost eight per cent from its April record high against the euro, its reference currency, amid fears over loose fiscal policy and approaching elections.

In that time, however, the central bank has recovered the Sk4.1 billion it had lost between January 1 and May 20, ending May with a profit for the year of Sk1.5 billion as the weakened crown increased the value of its foreign currency reserves.

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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