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Slovakia's latest vote of confidence is sure to delight international investors…
EU finance ministers have cleared Slovakia for euro entry, which is due to happen on 1 January 2009. The ministers' decision comes eight weeks after the European Commission and European Central Bank gave their blessings for the demise of the koruna.
Slovakia still needs the approval of EU heads of state at a summit in two weeks before the finance ministers fix the exchange rate in July. If granted, Slovakia would become the 16th nation to adopt the single currency. Last week, its government revalued the currency upwards by almost 18% to help tackle inflation and improve its conversion rate to the euro.
A spokesperson for Slovakia Investment Property commented: “This vote of confidence will bring a new influx of foreign direct investment into Slovakia, increased confidence of international investors and even higher growth. And all that is certainly excellent news for the property market as well.
“The conversion rate for SKK into euro has not yet been decided. At the current market rate of just above 32 SKK/EUR the koruna is significantly stronger than the previously set central parity of 35.44 SKK/EUR. It is expected that the final conversion rate will be more closely aligned with the current market level”.
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