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Brussels - The European Union has approved a revaluation of the Slovak national currency, the koruna, by almost 18 per cent, shortly before EU member states are set to decide on whether or not Slovakia should join the euro next year.
Following a request from the Slovak government, the ministers of the 15 countries which currently use the euro, plus officials from Denmark, the Baltic states and the European Central Bank, agreed to revalue the koruna upwards by 17.65 per cent, a statement from the European Commission said late Wednesday-early Thursday.
The new, strengthened rate of the koruna to the euro, which is allowed to fluctuate by 15 per cent, is 30.126 koruna per euro, the statement said.
Bratislava - Slovakia's central bank kept its key interest rate steady Tuesday, leaving it just above eurozone levels as the ex- communist nation prepares to adopt the euro on January 1.
The benchmark two-week repo rate stayed at 4.25 per cent, its level since April 2007. The European Central Bank's key lending rate is 4 per cent.
Slovakia is awaiting formal approval by EU governments to become the eurozone's 16th member and the first from the former Soviet bloc.
The ECB this month cleared Slovakia to use the euro but expressed concern that authorities keep inflation under control, making it difficult to trim interest rates for now.
Bratislava - The Slovak economy slowed down in the first quarter of 2008 to 8.7 per cent year-on-year from a record 14.3 per cent the previous quarter, according to government's preliminary data re
Bratislava - Slovakia's admission into the euro club crowned a post-communist boom and marked a historic shift that its leaders say will further boost the economy, currently paced by Asian and Euro
Brussels/Berlin - Slovakia is set to receive the green light Wednesday from European authorities to become the second former communist state to join the euro.
