Spectator on facebook

Spectator on facebook

IN SHORT BUSINESS

NBS leaves key interest rates unchanged

THE BANK Board of the National Bank of Slovakia (NBS) decided to keep interest rates unchanged at its monthly session on August 30.

The two-week repayment tender limit rate therefore remains at 4.5 percent, the overnight refinancing rate at 6 percent, and the overnight sterilisation rate at 3 percent, the news wire TASR wrote.

The decision is due mainly to the positive development of the country's net inflation, NBS Governor Marían Jusko said.

"The net inflation indicator, without fuels, in which the possible impact of demand factors on price growth is most clearly reflected, has registered a positive development since the beginning of this year," Jusko told the press.

Global crude oil prices could have an impact on inflation dynamics in the next few months.

"Their further increase may show up in the ongoing growth of fuel prices, due to which the year-end headline inflation might exceed the upper level of the planned interval," the governor said.

The NBS reduced inter-bank rates in March, April, and June, each time by 50 basis points, in response to rapid firming of the crown.

Since peaking in July at 39.7 against the euro, the crown has eased to above 40.1 against the euro, helped by direct intervention from the central bank.

The continued easing trend was behind the decision not to alter the rates, according to Tatra Banka analyst Robert Prega.

"The market expectations came true. An exchange rate higher than 40 crowns against the euro is acceptable. For the rest of this year, the NBS is only likely to cut interest rates if the crown firms," he said.

Top stories

How to sell Slovak books to English readers

Slovak literature makes it to the big bookstores of London, but it is unlikely to become a bestseller yet.

On Wednesday, Slovak literature will be presented in one of the biggest bookstores in London. Among the new books translated into English is also the anthology of current Slovak prose selected and translated by Magdalena Mullek and Júlia Sherwood.

Slovakia vies for medicines agency

What chances does the country have at winning the seat of the prestigious European Medicines Agency that needs to relocate from London?

Illustrative stock photo

Vote-buying scandal lands village mayor in court

Some Roma claiming the mayor of Gemerská Poloma, Miroslav Michalka was buying votes, have changed their testimonies.

Stanislav Kučerák (blue shirt) is a key witness in the vote-buying case.

British embassy opens condolence book

The book will be opened for two days.

Floral tributes are laid out in Manchester, England, on May 23, 2017, the day after the suicide attack at an Ariana Grande concert that left 22 people dead as it ended on May 22 night.