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History of NBS monetary policy

Prior to the adoption of the euro, the NBS held the position of the sole monetary policy maker for Slovakia. History of the NBS monetary policy can be divided into two main stages:

  • the period of harmonization of the NBS monetary policy with the ECB in 2000-2008:
  1. the period of implicit inflation targeting in the years 2000-2004
  2. the period of inflation targeting under ERM II in the years 2005-2008

Since 2000, the NBS interest rates played important role in the conduct of monetary policy. Since its establishment in 2004, the NBS published the Monetary Programme of the NBS for next year every December and the updated version of the Monetary Programme was published in May. The purpose of the Monetary Programme of the NBS was to provide the economic agents with sufficient information about expected macroeconomic development for formulating their decisions. In 2005, the NBS adopted the „NBS communications strategy until 2009″ where it formulated its main principles of communication, its target groups as well as communication tools: press releases, press conferences, news, releases, Situation Report on monetary development and Monetary Survey. Primary aim was to inform the public particularly about the NBS monetary policy decisions, but also about the decisions in the area of the financial sector stability, and to build up confidence in the NBS.