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Crown breaks Sk32/EUR threshold

The Slovak crown on May 7 hit yet another new record of 32.055/EUR as a result of the European Commission's approval of Slovakia's bid to adopt the euro as of January 2009.

The Slovak crown on May 7 hit yet another new record of 32.055/EUR as a result of the European Commission's approval of Slovakia's bid to adopt the euro as of January 2009.

But UniCredit Bank dealer Patrik Malec told the TASR newswire that the European Central Bank's "considerable concerns" over whether Slovakia can keep inflation under control concerned some investors.

Nevertheless, the EC's recommendation boosted the crown to its strongest-ever position. It is now trading at a slightly weaker level of 32.070/32.080 SKK/EUR. According to Malec, the crown could strengthen yet further and may well break through the Sk32/EUR threshold. The market is now expected to move according to speculation over the final crown-euro changeover rate, which should be announced at the beginning of July. On the afternoon of May 7, the Slovak crown continued to set new records, breaking through the Sk32/EUR threshold to reach 31.985 per euro. TASR

Compiled by Zuzana Vilikovská from press reports
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.

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