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Without euro adoption, Slovak crown would be weaker now: bank

The exchange rate of the Slovak crown and euro would be between 33.50Sk/€ and 37.50Sk/€ if Slovakia had decided not to join the eurozone as of January, according to UniCredit Bank analysts.

The exchange rate of the Slovak crown and euro would be between 33.50Sk/€ and 37.50Sk/€ if Slovakia had decided not to join the eurozone as of January, according to UniCredit Bank analysts.

They estimated the exchange rate by taking into consideration the exchange rate movements of currencies in the Visegrad 4 Group of countries. Analyst Ľubomír Koršňák said that the current turbulence on the financial markets as a result of the financial crisis would have weakened the exchange rate.

After the decision to adopt the euro and after setting the official conversion rate, the fluctuation in the market exchange rate of the Slovak crown became less marked, whereas swings in the exchange rates of the other regional currencies became greater.

The UniCredit Bank analysts said that the decision to adopt euro has proven to be right during the present time of financial crisis. SITA

Compiled by Zuzana Vilikovská from press reports
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