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Situation Report on the Monetary Development of Slovakia in January 2007

27 Feb 2007

1. Consumer prices measured by the CPI increased by 1% in January, when compared with the previous month. The year-on-year rate of headline inflation was 3.0% and that of core inflation 2.9%.

2. Monetary aggregate M3 (in accordance with the ECB methodology) increased by SKK 31.7 billion on a month-on-month basis in December, while its year-on-year growth rate decreased to 15.3% in comparison with the November figure.

3. The total volume of claims of monetary financial institutions (MFI) vis-ŕ-vis residents (incl. securities issued by customers and held by the MFI sector, according to the ECB methodology) recorded a month-on-month increase by SKK 10.1 billion in December, while their year-on-year growth slowed by 1.2 percentage point to 12.6%.

4. The average lending rate on new loans to non-financial corporations increased by 0.09 of a percentage point to 6.35% in December, and that on new loans to households went down by 0.24 of a percentage point to 12.58%. The average lending rate on new deposits of non-financial corporations increased by 0.01 of a percentage point to 2.70% in the same period, and that on new deposits of households went up by 0.05 of a percentage point to 1.18%.

5. The central government budget surplus was SKK 2.9 billion as at the end of January.

6. Foreign exchange reserves of the NBS (at the current exchange rate) reached the amount of USD 14.0 billion in January. Their amount at the end of the month represented the equivalent of 3.4 times the average monthly imports of goods and services to Slovakia for the year 2006. The coverage of the average monthly imports of goods and services (imports of goods and services acquired from banking statistics data) by the official foreign exchange reserves represented as at the end of January the equivalent of 4.2 times the average monthly imports of goods and services to Slovakia for the year 2006.

7. In January, Narodna banka Slovenska did not make any foreign exchange intervention.

8. According to the preliminary data, the balance of payments current account for January to November 2006 resulted in a deficit of SKK 122.2 billion and the capital and financial account of the balance of payments for the same period resulted in a surplus of SKK 7.7 billion. The balance of payments current account for January to December resulted in a deficit of SKK 129.6 billion and the trade balance deficit was SKK 92.1 billion.

Jana Kovacova
Communications Section

National Bank of Slovakia
Communications Section
Imricha Karvasa 1, 813 25 Bratislava, Slovak Republic
Tel.: +421-2-5787 2161,+421-2-5865 2161, +421-2-5787 2166, 421-2-5865 2166
Internet: http://www.nbs.sk

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