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NBS governor comments on strong crown

On May 26, the Pravda daily writes that the Slovak crown has risen to record highs recently. Ivan Šramko, the governor of the National Bank of Slovakia (NBS) says he does not see any reason for a special comment on the exchange rate. But he says that the Slovak central bank has been surprised by the rate at which the crown has appreciated recently. “We had not expected as notable a trend as this. The tempo of currency firming is surprising to us,” he said. The governor restated that very dynamic economic growth and the improving trade balance have created space for the crown’s appreciation. The strong crown slows price growth, which is positively perceived by citizens. On the other hand, it negatively influences the revenues of exporters, hampers economic growth and can have negative impacts on the revenues of the state budget. Šramko said negotiations on the switchover rate should take into consideration the overall impact of the switchover level on the economy, and not only its particular impact on citizens, exporters or importers. SITA

On May 26, the Pravda daily writes that the Slovak crown has risen to record highs recently. Ivan Šramko, the governor of the National Bank of Slovakia (NBS) says he does not see any reason for a special comment on the exchange rate. But he says that the Slovak central bank has been surprised by the rate at which the crown has appreciated recently. “We had not expected as notable a trend as this. The tempo of currency firming is surprising to us,” he said. The governor restated that very dynamic economic growth and the improving trade balance have created space for the crown’s appreciation. The strong crown slows price growth, which is positively perceived by citizens. On the other hand, it negatively influences the revenues of exporters, hampers economic growth and can have negative impacts on the revenues of the state budget. Šramko said negotiations on the switchover rate should take into consideration the overall impact of the switchover level on the economy, and not only its particular impact on citizens, exporters or importers. SITA

Compiled by Zuzana Vilikovská from press reports
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