Spectator on facebook

Spectator on facebook

Revaluation of Slovak crown's central parity is justified, says ECB

The European Central Bank (ECB) has commented on the revaluation of the Slovak crown’s so-called ‘central parity’ against the euro, which was approved on May 28 after the closing of markets by eurozone finance ministers, the ECB, and the finance ministers and central banks of Denmark, Estonia, Latvia, Lithuania and Slovakia. The new central parity is Sk30.126 to one euro. According to the ECB, the move was justified and supported by the ongoing improvement of underlying economic fundamentals in Slovakia, the SITA newswire wrote.

The European Central Bank (ECB) has commented on the revaluation of the Slovak crown’s so-called ‘central parity’ against the euro, which was approved on May 28 after the closing of markets by eurozone finance ministers, the ECB, and the finance ministers and central banks of Denmark, Estonia, Latvia, Lithuania and Slovakia. The new central parity is Sk30.126 to one euro. According to the ECB, the move was justified and supported by the ongoing improvement of underlying economic fundamentals in Slovakia, the SITA newswire wrote.

“Revaluation of the parity will support the Slovak authorities in maintaining macroeconomic stability," reads a common ECB statement, going on to say that the revaluation will also require the clear commitment of the Slovak side to pursue appropriate supportive policies, aimed in particular at sustainable maintenance of price stability, underpinning external competitiveness and strengthening economic resilience.

According to Mária Valachyová, an analyst at Slovakia's largest bank, Slovenská Sporiteľňa, revaluation of the central parity comes as a surprise. In March 2007, upon a previous revaluation of the parity to 35.4424 SKK/EUR, the central bank stated that this was an exchange rate close to the equilibrium value. “The new parity, which is stronger by fifteen percent, represents the economy's projected equilibrium maybe only after 2009,” Valachyová added. SITA

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

Top stories

Kiska: Even Europe has its aggressive neighbour

President Andrej Kiska addressed UN commenting poverty, instability and climate change.

President Andrej Kiska

Ryanair cancels some flights from and to Bratislava

The Irish low-cost airline publishes full list of cancellations

Irish budget airline Ryanair is believed to be cancelling up to 50 flights every day over the next six weeks because it "messed up" its pilots' holiday schedules.

No fees bring higher summer roaming

EU regulation raises the volume of roaming calls and data with Slovak mobile operators .

People should pay attention on used data abroad.

Fundamental values explored at Divadelná Nitra 2017

This time round, the Slovak, European and US ensembles at the theatre festival focus on #fundamentals, i.e. basic values and the essence of all things.

Nature Theatre of Oklahoma: Pursuit of Happiness