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Stronger crown expected next year

THE SLOVAK crown should strengthen to 39.4 SKK/EUR (crowns to the euro) according to the draft public administration budget for 2005-2007, the SITA news wire wrote.

Finance Ministry officials say that if macroeconomic indicators develop as expected, the Slovak currency would develop positively. Growth in labour productivity is a key factor in the strengthening of the crown.

2006 - 2007 should see the exchange rate at 39 SKK/EUR, the ministry expects.

But this beneficial rate depends on successful fiscal reform and a stable political situation.

Against the US dollar in 2005, the Slovak crown is expected to trade at 32.100 SKK/USD on average. For the years 2006 and 2007, the ministry awaits an average exchange of 32.5 SKK/USD.

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