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Key rates cut in attempt to boost consumption

THE CENTRAL bank of Slovakia (NBS) decided on March 26 to cut key interest rates by 0.5 percent to encourage domestic demand – a move that NBS governor Marián Jusko expects to be "the basis of this year's economic growth", Slovak economic daily Hospodárske noviny wrote.

The key interest rate is now at 5.5 percent. The NBS decision came after weeks of continuing appreciation of the local currency, which the NBS considered to be too fast.

Analyst with Ľudová banka Mário Blaščák said that over the last three months the Slovak crown strengthened against its reference currency, the euro, by 2.2 percent, which is comparable to the appreciation of the crown against the euro during all of last year.

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

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