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Stulajtner, Ivan

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Sme - Slovakia | 14/07/2006

Slovakian currency under political pressure

"Slovakia's new government has yet to win the confidence of the parliament but it's already lost the confidence of the market," Ivan Stulajtner notes. "On Wednesday, the Slovak crown took a plunge for the third time since the elections in late June, and the central bank was once again forced to intervene. These interventions have cost a fifth of the country's foreign exchange reserves. There's little leeway for further price adjustments. The central bank is doing what it can and paying an unfavourable exchange rate for crowns in euros to artificially boost the national currency. However, such measures only make sense if the government behaves rationally. And it's the government that's responsible for the fall of the crown."

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