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National bank keeps interest rates unchanged

THE NATIONAL Bank of Slovakia will keep inter-bank interest rates unchanged, the bank board decided at its regular monthly session on May 26, according to news wire TASR.

In both March and April the bank cut rates by 50 basis points in response to the strengthening of the Slovak crown. As a result, the two-week-repossession tender now has a limit rate of 5 percent, while one-day refinancing operations carry 6.5 percent, and one-day sterilisation operations carry 3.5 percent.

The decision was expected, said Marek Gábriš, an analyst with ČSOB bank. He sees the Slovak economy heading toward further rate cuts by the end of the year. "Favourable inflation development is expected in August, and good foreign trade results should last until September," he added.

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