Brussels, 19/03/2007 (Agence Europe) - At the request of the Slovak authorities, ministers of the eurozone EU member states, the European Central Bank (ECB) and the ministers and the central bank governors of countries in the ERM II (the Exchange Rate Mechanism), Cyprus, Denmark, Estonia, Latvia, Lithuania, Malta and Slovakia decided on 16 March to adapt the central rate of the Slovak koruna in the ERM II. The central rate of the Slovak koruna has been revalued by 8.5%, making one euro worth 35.4424 koruna. The koruna joined the ERM II on 25 November 2005 and is allowed to fluctuate by 15% above or below the central rate. The compulsory intervention points in the exchange rate mechanism have been communicated by the ECB and the National Bank of Slovenia. The maximum exchange rate against the euro is 40.7588 SKK and the minimum 30.1260 SKK.
In a press release, the ECB explained that the revaluation of the central rate of the Slovak koruna 'is justified by underlying fundamentals. It will support the authorities in maintaining macroeconomic stability,' in line with the recommendations published by the Council of the EU when it assessed Slovakia's Convergence Programme on 27 February 2007. The euro central rates and compulsory intervention points of the Danish Crown, the Estonian Crown, the Cypriot Pound, the Latvian Lats, the Lithuanian Litas and the Maltese Pound remain unchanged. (ab)