Cheapened money
The National Bank of Slovakia yesterday reduced its interest rate by 0,25 percentual points, to 4,5 percent. Those wishing to borrow from the bank will be pleased by the lower credit prices, but those with term deposit accounts will receive lower yields.
If you were planning to take out a loan, it would be a good idea to hold off. Six analysts polled by HN agreed that the National Bank may further reduce the rates. The most expected scenario -- another 0,25 percent in the second quarter, another 0,25 drop in the third.
"Reducing credit rates at the current level of economic growth is good news for all economic subjects in Slovakia, which means not only good for the public, but also for the business sphere," stated analyst Mário Blaščák. For firms, it means being able to invest more or increase profit. It also follows that they would be able to more rapidly increase their employees. March 28
Opposition going for Jahnátek
Self-disqualification and moral degradation in the head of the Economics Ministry, Ľubomír Jahnátek (Smeru-SD appointee). This, according to the opposition, is the main reason why deputies will be voting on the retention or impeachment of this minister of Robert Fico's Smer-SD Government. The opposition plans to table the resolution calling for Jahnátek's departure within two weeks.
The minister's grip on power was loosened recently by a statement he gave to the Trend weekly referring to corruption in the arms industry. "He announced that he covers up corruption of private firms, incites corruption in state firms, and then he lied in a particularly gross manner," noted SDKÚ-DS leader, Mikuláš Dzurinda.
The minister was abroad yesterday on business, but announced last week that his words had been twisted. "That's a legitimate right of the opposition," was the reaction of Jahnátek's spokesman Branislav Zvara to the draft resolution.
According to spokeswoman Silvia Glendova, the Prime Minister's is not planning to comment on the opposition's initiative. But according to political scientist Grigorij Mesežnikov, the chances of impeaching Jahnátek are zero -- "It's clear that the Head of Government trusts him implicitly". While the SDKÚ, SMK and KDH opposition has 65 deputies, the Government (Smer, ĽS- HZDS and SNS) has 20 votes more in parliament. March 27
Slovakia considering public savings bonds
The Ministry of Finance is planning to facilitate the purchase of state bonds issued for the public in the future. This is included in the Strategies for Managing State Debt for 2007 to 2010. The main advantage of the public bonds according to the Ministry is their low dependence on financial markets, and their lower expenses. When and for how much we'll be able to buy these certificates, is not yet clear.
Through the bond issues, the state would gain the financial resources for financing its spending directly from the public, without intermediaries or commercial sector margins.
The Ministry thus forecasts that it would manage to get several billion a year in this way, backed by the increasing standard of living in Slovakia. "In European Union countries this added manner of financing is usual, in some countries covering up to 15 percent of total state financing needs," reasons the Finance Ministry. March 23
First Monitor, now school-leaving exam leaked
Almost thirty thousand students who are to graduate today in English have serious problems. After the scandal of the Monitor 9 grade-nine tests, the external part of the English school-leaving exam has now leaked out into the public, even being found on Saturday by a passer-by at a Bratislava shopping centre. HN has them in its possession, and their authenticity has been conformed by Education Ministry sources.
If the tests will go ahead or whether the Ministry will have to set a new writing date, the competent persons were not able to confirm for us as of last night. Meetings of the State Graduation Commission are still being held," we were informed by Minister Viera Trpišová's spokesperson shortly before going to print. Clues are suggesting that the source of the leak could be someone from the State Pedagogical Institute. According to information supplied to HN, the test became public on Saturday night, while only yesterday were secondary schools to receive the stamped test packages. Romana Kanovská, the person responsible for the "maturita" tests at the Institute, revealed that three variants are under consideration for dealing with the situation -- printing a reserve version of the test, sending new tests to schools early today via the Internet, or setting a substitute date for writing the test. March 28
English translation by Kevin Slavin