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Crown hits all-time high

THE SLOVAK crown reached an all-time high of Sk38.620/650 to the euro December 17 after foreign, mainly London-based investors, kept selling euros to buy crowns, Tatra Banka dealer Boris Somorovsky told the TASR news agency.

"Foreign players were not intimidated by Slovakia's Central Bank vice-governor Ivan Sramko's statement that the bank is ready to intervene against the Slovak currency if it strengthens beyond the economy's fundamentals," Somorovsky said. The vice-governor said that the crown is rising too fast and the Central Bank would not tolerate it. Dealers ignored this and kept buying Slovak crowns, even at Sk38.630 to the euro.

The crown opened at Sk38.750/79 to the euro on Friday and it reached a new record high during the day. According to Somorovsky the dealers are testing when the Central Bank is going to take action. "The bank could make a move at Sk38.50 to Sk38.55 to the euro," Somorovsky said. He is expecting an intervention very soon.

The Czech crown was doing very well, too, and firmed against its Slovak namesake to 1.2670/2710 SK/CZK. The Slovak currency stood at Sk29.10/15 against the US dollar.

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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