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IN SHORT BUSINESS

Crown ignores key interest rate cuts

A STRONG Slovak crown did not react to the move made by the National Bank of Slovakia (NBS) on November 26 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 the daily Hospodárske noviny, that not enough time had passed for the crown to react. Analysts, however, continue to predict the crown will rise to maximum levels.

NBS cut interest rates by 50 base points, reduced the limit rate for two-week repo tenders to 4 percent, reduced the overnight refinancing rate to 5.5 percent, and reduced the overnight sterilisation rate to 2.5 percent. The changes took effect on November 29.

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