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Crown ignores key interest rate cuts

A strong Slovak crown did not react to Friday's move by the National Bank of Slovakia (NBS) to cut key interest rates.

The crown stood at 39.230 to 39.380 SKK/EUR before the cut. After the cut was announced, the exchange rate stabilised at 39.300 SKK/EUR.

NBS governor Marián Jusko told Hospodárske noviny, a daily newspaper, that not enough time had passed for the crown to react. Analysts, however, continue to predict the crown will rise to maximum levels.

NBS decision (1) cut interest rates by 50 base points, (2) reduced the limit rate for two-week repo tenders to 4 percent (3) reduced the overnight refinancing rate to 5.5 percent and (4) reduced the overnight sterilisation rate to 2.5 percent. The changes take effect today, Monday, November 29.

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

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