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Statements help crown set new records against both Euro and Dollar

The Slovak crown (koruna), had a successful day on February 28, strengthening by 26 hellers and reaching a historically strong rate against the euro - Sk32.54 SKK/EUR, Tatra banka dealer Boris Somorovský told SLOVAKIA. The crown also set a new record against the U.S. dollar of Sk21.50 per greenback. The significant strengthening occurred after Slovak Finance Minister Ján Poèiatek stated that a revaluation of the crown's central parity rate against the Euro under the ERM-2 mechanism isn't out of the question. Also important was Euro-group chairman Jean-Claude Juncker's comments on Slovakia's prospects for adopting the euro as of January 1, 2009.

The Slovak crown (koruna), had a successful day on February 28, strengthening by 26 hellers and reaching a historically strong rate against the euro - Sk32.54 SKK/EUR, Tatra banka dealer Boris Somorovský told SLOVAKIA. The crown also set a new record against the U.S. dollar of Sk21.50 per greenback. The significant strengthening occurred after Slovak Finance Minister Ján Poèiatek stated that a revaluation of the crown's central parity rate against the Euro under the ERM-2 mechanism isn't out of the question. Also important was Euro-group chairman Jean-Claude Juncker's comments on Slovakia's prospects for adopting the euro as of January 1, 2009.

Somorovský told SLOVAKIA that following these comments, which were viewed positively by the market, the crown broke through the resistant threshold of Sk32.70 per euro, and moved as far as the new record of 32.540 SKK/EUR, where it ended the day's trading. Against the U.S. dollar, the koruna closed trading at a new historical high of 21.500/21.530 SKK/USD, while against the Czech koruna it closed at 1.294/1.297 SKK/CZK. TASR

The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.

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