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Crown sets new record - 32.13/EUR

The Slovak crown set a new record of 32.13/EUR in trading shortly before 10 a.m. on May 6. OTP Bank dealer Eduard Pracko told the TASR newswire that the crown opened in the morning at 32.23/26 SKK/EUR, before quickly breaking through the previous record of 32.19/EUR.

The Slovak crown set a new record of 32.13/EUR in trading shortly before 10 a.m. on May 6. OTP Bank dealer Eduard Pracko told the TASR newswire that the crown opened in the morning at 32.23/26 SKK/EUR, before quickly breaking through the previous record of 32.19/EUR.

Investors were engaged in heavy buying of the unit in anticipation of a favourable assessment of Slovakia's readiness to join the Eurozone. The unit currently stands at 32.10/32.15 SKK/EUR.

Although the European Commission and the European Central Bank (ECB) will not release their assessment reports on Slovakia until May 7, both institutions are expected to support the country's application to join the Eurozone as of January 1, 2009. Continued heavy buying of the crown could push the unit to levels as strong as 32 or even 31.8/EUR. The markets will mainly be waiting to see what the final crown-euro changeover rate will be. TASR

b>Compiled by Zuzana Vilikovská from press reports
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