The Treasurer’s Guide to Trade Finance

Slovak Republic

Economic and trade overview

Key figures

Economy 2011 Trade 2011 (USD billion)

GDP (USD) 96 bn Goods Exports 78

GDP per capita (USD) 17,560 Imports 75

GDP volume growth (year-on-year) + 3.2% Net + 3

Population 5.47m Services Exports 7

Interest rate (for corporations funding

stocks up to one year) 3.80%

Imports 7

Net 0

Exchange rate EUR / USD (year average) 0.7194 Source: IFS, IMF, January 2013

BoP (goods, services & income) as % of GDP + 0.5%

International/Regional memberships

European Union (EU): since 1 May 2004.

Slovakia is also a member of the European

Economic Area (EEA).

International Monetary Fund (IMF):

since 1 January 1993.

World Trade Organization (WTO):

since 1 January 1995.

Government trade policy

ƒ Slovakia implements the trade regulations,

commercial policies and customs code of the

EU (ec.europa.eu/trade).

ƒ Slovakia trades freely with its fellow EEA

member states as well as Switzerland.

ƒ The EU has in place bilateral trade

agreements with 36 countries and regional

trade agreements with a number of trading

blocs.

ƒ National export credit insurance provider:

Export–Import Bank of Slovakia (Eximbanka

SR — http://www.eximbanka.sk). Eximbanka SR

also provides state-supported export finance.

ƒ The EU maintains 74 free trade zones,

though none is located in Slovakia.

Currency and exchange controls

Official currency: Euro (EUR).

Exchange rate arrangement: free floating.

Slovakia does not impose foreign exchange

controls.

ƒ Resident banks can only invest up to 15%

of their cash reserves in one foreign-based

company, or up to 60% of their reserves in

two or more foreign-based companies.

Bank accounts

Permission to hold currency accounts

Within

Slovakia

Outside

Slovakia

EURForeign currency EURForeign currency

Resident

company ✔ ✔ ✔ ✔

Non-resident

company ✔ ✔ ✔ N/A