Slovak crown developing well

The Czech crown, the Hungarian forint and the Polish zloty have been easing for several months against the euro, which Slovakia will adopt as of January 1, the Sme daily reported. The Slovak crown, koruna, has fluctuated only slightly above its official changeover rate (Sk30.1260/€) since July. The other CEE currencies have been weakening against the euro due to the global financial crisis. Their stories are similar: initial optimism has been replaced by bigger problems with exports than expected, while Hungary has been swept by its own specific economic woes. These developments will be reversed over the course of time, however.

The Czech crown, the Hungarian forint and the Polish zloty have been easing for several months against the euro, which Slovakia will adopt as of January 1, the Sme daily reported. The Slovak crown, koruna, has fluctuated only slightly above its official changeover rate (Sk30.1260/€) since July.

The other CEE currencies have been weakening against the euro due to the global financial crisis. Their stories are similar: initial optimism has been replaced by bigger problems with exports than expected, while Hungary has been swept by its own specific economic woes. These developments will be reversed over the course of time, however.

"The currencies of converging countries will strengthen against the euro," Peter Goliáš from the INEKO institute told Sme on December 20.

Compiled by Zuzana Vilikovská from press reports
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