RPT-Slovak cenbanker-Rates at top, need time before move

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Slovakia's key interest rate is at the top level and the central bank needs time to consider its next move after steady increases last year, its governor Ivan Sramko said on Monday.

Speaking on the sidelines of a conference here to celebrate Slovenia's adoption of the euro currency on Jan. 1, Sramko agreed that rates had reached a plateau.

"We really need more time to analyse the situation. Now our rates are at the top level," he told reporters.

"We have had very fast (currency) appreciation. This is something that tightened our policy in the last quarter. Now we will analyse the situation, so we will see if there's the same necessity to change our monetary policy or not."

The Slovak central bank has held its key interest rates unchanged for three months at 4.75 percent in a row after a rise in the crown to record highs helped it to fend off inflation pressures without tightening credit costs.

The central bank raised the key rate by 175 basis points in four steps last year to stem inflation risks stemming from fast economic growth and an uncertain outlook for utility costs.

The currency hit a nearly one-month low against the euro on Monday of 34.935 amid speculation that lower-than-expected inflation means the next move might be a cut.

[LJUBLJANA/Reuters/Finance.cz]