Currency strength tests central bank

March 2005
Emerging Europe Monitor: Central Europe & Baltic States;Mar2005, Vol. 12 Issue 3, p8
Country Report
Country Report
This article reports that the central bank of Slovakia intervened heavily in the foreign currency market in January in an attempt to tame the resurgent koruna. The intervention indicates a broad continuity under the central bank's new leadership of its predecessor's struggle against 'unwarranted' currency firming. As expected, the new leadership at the central bank has preserved policy continuity in the short term, in January intervening heavily in the foreign exchange market against the buoyant domestic currency. Under outgoing governor Marian Jusko, whose tenure officially ended on December 31, the National Bank of Slovakia (NBS) had fought against koruna appreciation during most of 2004, using an array of tools including interest rate cuts, verbal, direct and indirect intervention, and liquidity-boosting repo tenders.


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