Slovakia, in consultation with the EU, is revaluing the koruna to reflect the currency's rise following strong growth and an inflow of foreign investment, which had threatened to push the koruna beyond the 15 per cent trading band allowed under the European Exchange Rate Mechanism.

The new central parity rate is being raised by 8.5 per cent to 35.4424 to the euro. The country has been in the ERM since 2005, a prelude to its adoption of the euro in 2009.