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Slovak central bank leaves rates steady

BRATISLAVA, Singapore, July 30 (UPI) -- The Slovak central bank left interest rates unchanged Friday but said it may have lowered rates if its efforts to weaken the crown had not been successful.

Financial markets had expected the central bank to leave rates steady at 4.5 percent after a surprise 50 basis point cut in June.

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The central bank has intervened repeatedly on the currency markets in recent weeks to prevent the crown from firming too much against its main reference currency, the euro. The crown had hit record highs against the euro prior to the interest rate cut and the central bank's direct interventions on the market.

The central bank said it was satisfied with the results of its efforts to weaken the crown.

The crown has been pushed higher by strong economic growth and a wave of foreign direct investment in Slovakia.

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