Foreign exchange reserves

Slovakia's foreign exchange reserves totalled US$ 7.6bn as of 15 July 1998, showing an increase of US$ 1.1bn, compared to the end of last year.

The NBS has created reserves of US$ 3.748bn and commercial banks those of US4 3.857bn.

Foreign Trade

Between January and May 1998, imports amounted to Sk 177.45bn which represents an increase of 19,17%, when compared to last year. The export of Sk 145.47bn shows an increase of almost 22%, compared to last year. The credit balance amounted to approximately Sk 32.3bn.

Labour productivity

The Measure of government under which an increase in wages depends on labour productivity, known as the wage regulation, seems to lower year-to-year increase in wages in the first quarter of 1998.

Compared to the last year, the real wage increased by 2.9% to Sk 9,033, i.e. it is 2.8 percentage point behind the labour productivity increase.

The highest wages were paid in the banking and financial sectors (Sk 17,890), the lowest in the textile industry (Sk 6,338).

The information in this newsletter is correct to the best of our knowledge and belief at the time of going to press. Specific advice should be sought, however, before investment and other decisions are made.

For further information contact Mr Frank Walsh on +421 7 5340 545 Email directly on Click Contact Link