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Market unshaken by Fico’s comments

On January 15, the Sme daily wrote that Prime Minister Robert Fico’s recent comment on Euro adoption in Slovakia had no effect, positive or negative, on the currency market.

On January 15, the Sme daily wrote that Prime Minister Robert Fico’s recent comment on Euro adoption in Slovakia had no effect, positive or negative, on the currency market.

Fico told the Reuters news agency that Slovakia would defy tradition by adopting the Euro at an exchange rate lower than the central parity rate set by the National Bank of Slovakia (NBS). Currently, the Euro is trading in Slovakia at 33 SKK/EUR, but the central parity rate is 35.44 SKK/EUR.

Fico said adopting the currency at the higher rate would increase the price of imports, which would decrease the standard of living in Slovakia.

The currency market showed no significant change in trading upon news of the PM’s comment.

The majority of analysts have gone on record saying they agree with Fico. Both the NBS and Finance Ministry declined comment. SITA

Compiled by Zuzana Vilikovská from press reports

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