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Crown strong after ERM II entry

THE SLOVAK crown yesterday strengthened against the euro following the announcement of Slovakia's entry to the European Exchange rate mechanism ERM II. Compared to last Friday, the exchange rate strengthened by Sk0.60 towards the reference European currency to Sk37.86 per euro at the end of the trading day, the Pravda daily wrote.

The Majority of analysts expect that the crown will remain at the current level in the coming days.

The analysts also believe that the strong crown will also lead to a delay in the expected increase of the Slovak central bank’s key interest rates, which also reflect in the banks' rates to clients.

According to Mária Valachyová, an analyst with the VÚB bank, the NBS will increase its key interest rates one month later than the VÚB originally expected, at the end of December.

According to Valachyová the basic rate should grow from the current 3 percent to 3.25 percent.

Compiled by Martina Jurinová from press reports
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