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IN SHORT BUSINESS

NBS will attempt to slow crown

IF the crown increases in value too fast, the National Bank of Slovakia (NBS) will again try to slow it down. In previous months, the NBS has tried to slow the crown's rise 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 said that a too strong crown hurts not just exporters but the whole economy. If the crown increases in value too fast then industry and its employees could be hit..

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

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