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Slovakia: Conversion rate
Tue, Jul 8 2008, 12:16 GMT
by Michal Musâk
Erste Bank der oesterreichischen Sparkassen AG
Slovakia's euro conversion rate set at ERM-2 central parity
- - The irrevocable conversion rate between the Slovak koruna and the euro was set at 30.1260 SKK/EUR.
- - This matches market expectations, while a more practical 30.0000 SKK/EUR was seen as the alternative.
- - After setting a number of precedents previously, the European authorities chose to follow the standard practice and set the conversion rate at the ERM-2 central parity.
- - The exchange rate will still move until the end of the year but fluctuations are likely to be mild (similar to the last couple of weeks). The koruna should stay slightly at the weaker side of the ERM-2 central parity due to some difference in market interest rates and possible departure of some investors into more lucrative investments (however, the market should ensure that any departure from the forward exchange rate is only mild).
- - The Slovak koruna's rapid appreciation within the ERM-2 also poses precedent for other Central European countries that aim to join the Eurozone, as they might see similar euro-rallies. Poland might be the nearest case (it aims to adopt the euro in 2012, which would require ERM-2 entry in late 2008 or early 2009; Erste Bank sees 2013 as a more probable date.)
- - From the practical point of view, companies will have 30 days to start dual pricing in both euros and korunas in company-citizen relations.
Published on Tue, Jul 8 2008, 12:20 GMT
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Erste Bank
http://global.treasury.erstebank.com | Rainer.Singer@erstebank.at
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