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

New legislation orders firms to disclose salaries in job offers

HR experts see it as a good idea in a bad form

Illustrative stock photo

Top 3 news from Last Week in Slovakia Video

New interior minister is criticised for her close relationship with Robert Kaliňák.

Denisa Saková

Spring jazz days bring jazz, R&B and soul from all over the world Video

Estonian, Israeli and US musicians join forces in the spring edition of Bratislava Jazz Days.

Ester Rada

Women in IT should not be taboo

Girls still have too few idols who have achieved success in the IT sector.

Girls are lured to study IT.