Slovakians cut interest rates
06 November 2008
Slovakia's central bank has decided to implement an interest rate reduction, in line with earlier predictions.
Many analysts had forecast a cut in the cost of borrowing ahead of the country's imminent entry into the single European currency.
The euro, which is already used by 15 member states, is due to be adopted in Slovakia in January 2009, replacing the koruna.
This means that interest rates are now at 3.75 per cent, putting them in line with the European Central Bank.
Speaking to the Slovak Spectator, Martin Lenko of VUB bank remarked: "The cut in official rates should bring practically no change for regular bank clients."
Jean-Claude Triche from the European Central Bank recently stated that Slovakia will benefit from the adoption of the single currency.
Reuters quoted him as saying that financial institutions such as the central bank have made preparations for the transition period.
Many analysts had forecast a cut in the cost of borrowing ahead of the country's imminent entry into the single European currency.
The euro, which is already used by 15 member states, is due to be adopted in Slovakia in January 2009, replacing the koruna.
This means that interest rates are now at 3.75 per cent, putting them in line with the European Central Bank.
Speaking to the Slovak Spectator, Martin Lenko of VUB bank remarked: "The cut in official rates should bring practically no change for regular bank clients."
Jean-Claude Triche from the European Central Bank recently stated that Slovakia will benefit from the adoption of the single currency.
Reuters quoted him as saying that financial institutions such as the central bank have made preparations for the transition period.
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