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Euro keeps pushing Slovak crown up

The Sme daily wrote on May 13 about the reasons behind the Slovak crown’s strengthening over the last few days.

The Sme daily wrote on May 13 about the reasons behind the Slovak crown’s strengthening over the last few days.

The currency is still reaping the benefits of last week’s news from the European Commission, which recommended that Slovakia become a member of the eurozone.

Analysts disagree whether the value of crown is being artificially pushed up or is rising due to favourable economic conditions. Another reason is the statement by Prime Minister Robert Fico, who said he wants to see the crown-euro conversion exchange rate fixed at the strongest level possible.

According to Volksbank analyst Vladimír Vano, the market assumes that the European Central Bank will prefer a stronger exchange rate. But Vladimír Pikora from Next Finance warns that a strong conversion rate could harm exporters. SITA

Compiled by Zuzana Vilikovská from press reports
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