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NBS will attempt to slow crown down

IF THE crown increases in value too fast, the National Bank of Slovakia (NBS) will continue in its effort to stop it. In previous months, the NBS has tried to slow the crown by buying foreign exchange and cutting the NBS's key interest rates.

The new NBS governor Ivan Šramko suggested in the daily SME that he would continue with this policy. He told the daily Pravda that a too strong crown hurts not just exporters but the whole economy. If the crown increases in value too fast then people’s purchasing power and industry would be hit.

The new governor is convinced that too fast a rise in value would unsettle the Slovak economy and consequently would cause the currency to drop. He sees room for an appreciation of three percent for the crown on the year.

Compiled by Marta Ďurianová from press reports
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