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EU allows Slovak koruna to appreciate against euro by 15%
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13:42, May 29, 2008

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The European Union (EU) decided Wednesday to allow Slovak currency koruna to appreciate against the euro by 15 percent, ahead of the country's expected entry into the euro zone.

The so-called central rate of the koruna against the euro under the EU exchange rate mechanism known as ERM II will be lifted from35.4424 to 30.1260 from May 29, with fluctuation band of plus or minus 15 percent.

"The revaluation of the central rate of the Slovak koruna is justified by ongoing improvements in underlying fundamentals. It will support the authorities in maintaining macroeconomic stability, " the European Union said in a communique released to media through email on Wednesday night.

The koruna has been under tremendous pressure to appreciate against the euro in the past years, due to the country's outstanding economic performance.

Last March, the EU approved an 8.5 percent appreciation of Slovak koruna against the euro.

As a candidate country for euro zone membership, Slovakia has to maintain a stable exchange rate by participation in ERM II for two years without severe tension and by keeping the exchange rate close to the central rate.

The European Commission made a proposal earlier this month to allow Slovakia to adopt the euro in 2009.

According to the schedule, a final decision was expected in July if the European Parliament had concluded its opinion and the subject had been discussed in EU summit this June.

If approved, Slovakia will be the 16th member of the euro zone following Malta and Cyprus, which adopted the euro this year.

Source:Xinhua



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