Situation Report on the Monetary Development of Slovakia in September 2008
1. Consumer prices, measured by the harmonized index of consumer prices (HICP), increased by 0.4% in September, as compared with the previous month. The year-on-year growth rate of headline inflation was 4.5%. The core inflation (excl. energy and unprocessed foodstuff prices) reached a year-on-year growth rate 4.3%.
2. Consumer prices, measured by the CPI, increased by 0.7% in September, when compared with the previous month.
The year-on-year rate of headline inflation was 5.4% and that of core inflation 5.5%.
3. Monetary aggregate M3 (in accordance with the ECB methodology) increased by SKK 8.6 billion on a month-on-month basis in August, while its year-on-year growth rate decreased to 8.2% in comparison with the July figure.
4. The total volume of claims of monetary financial institutions (MFI) vis-a-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 14.9 billion in August, while their year-on-year growth accelerated by 0.9 of a percentage point to 14.9%.
5. The average lending rate on new loans to non-financial corporations increased by 0.01 percentage point to 5.95% in August, and that on new loans to households went up by 0.71 percentage point to 12.64%. The average deposit rate on new deposits of non-financial corporations decreased by 0.19 of a percentage point to 2.41% in the same period, and that on new deposits of households went up by 0.04 of a percentage point to 1.22%.
6. The central government budget surplus was SKK 4.3 billion as at the end of September.
7. Foreign exchange reserves of the NBS (at the current exchange rate) reached the amount of USD 18.5 billion in September. Their amount at the end of the month represented the equivalent of 2.7 times the average monthly imports of goods and services to Slovakia for the first eight months in 2008. The coverage of the average monthly imports of goods and services (payments for imports of goods and services acquired from banking statistics data) by the official foreign exchange reserves represented, as at the end of August, the equivalent of 3.8 times the average monthly imports of goods and services to Slovakia for the first eight months in 2008.
8. In September Narodna banka Slovenska did not make any foreign exchange intervention.
9. According to the preliminary data, the balance of payments´ current account for July 2008 ended in a deficit of SKK 17 billion and the capital and financial account of the balance of payments for the same period ended in a surplus of SKK 26.5 billion. The balance of payments´ current account for January to August ended in a deficit of SKK 82.9 billion and the trade balance deficit was SKK 7.7 billion.
10. The total sterilization position of the NBS in September, in comparison with August, increased by less than SKK 2.2 billion to SKK 383.2 billion.
Spokesperson of the NBS
National Bank of Slovakia
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
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