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Friday, July 4, 2008

Crown conversion rate allegedly to be set at ERM II central parity level.





Crown conversion rate allegedly to be set at ERM II central parity level. The conversion rate of the crown against the euro upon Slovakia ’s entry in the eurozone from the beginning of next year would likely be set at the level of the ERM II central parity, according to unofficial information cited by Bloomberg . On May 29, the ERM II central parity was revalued for a second time by 17.6% to a SKK/EUR exchange rate of 30.126. PM Robert Fico, however, has repeatedly called for setting the conversion rate at an even higher level for the crown, arguing that it would be most beneficial for the people’s purchasing power and would also serve to tame inflationary pressures through import prices. Historically, the conversion rate in the past has been always set at the level of the respective ERM II central parity. The information on the possible EC proposal remains strictly unofficial as the setting of the conversion rate is scheduled to be decided on the EU finance ministers meeting on Jul 8 and preliminary information is avoided as not to trigger financial market speculation.







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