The Decisions adopted by the Governing Board on the occasion of its 307th regular meeting on 16 March 2005

Decisions adopted by the Governing Board on the occasion of its 307 th regular meeting:

1. In its today´s 307th session, the Governing Board of the Bank of Slovenia inter alia dealt with monetary and economic developments. In February, the tolar rate appreciated to 239.74 SIT or 0.04% over the central parity under the influence of additional foreign exchange surplus supply, remaining stable as in the previous months. The hump of the year-on-year inflation of February lived up to the expectations. The year-on-year inflation should continue to stay at approximately this level until April, as from which the year-on-year inflation rates should decrease again.
   The interest rates applying to the key Bank of Slovenia instruments remained unchanged in the first two month of this year. Furthermore, the inter-bank rate kept increasing in the same period of time, floating around 3.61% in the second half of February.
   
2. The Governing Board also got acquainted with a piece of information on cash counterfeiting in 2004. The number of local cash counterfeits by 4.1% slightly increased in comparison with 2003. 1,238 items of tolar counterfeits were detected last year and 1,189 of them in 2003. The value of counterfeit tolars represented 0.0287‰ of cash value in circulation last year. The counterfeits are largely, in terms of both quantity and value, those referred to the following three denominations: 10,000 SIT, 5,000 SIT and 1,000 SIT. Moreover, counterfeit banknotes, produced with the aid of computer technology and colour photocopying, are encountered most frequently. Counterfeiting tolar banknotes in Slovenia is not a topic to be concerned with for the time being; there were 9.3 items of counterfeits per 1 million banknotes in circulation in 2004 and 9.9 of them in 2003. Most counterfeits were detected in banks and exchange offices, shops, petrol stations and restaurants in large towns. The Bank of Slovenia aims at securing banknotes against counterfeiting by means of the ever larger number of built-in security elements. This has also been accounted for by the so far monitoring of a 10,000 SIT banknote, for after building in additional security no counterfeit of this banknote has been detected.
   In conformity with the instructions ordered by the European Central Bank, the National Counterfeit Centre, which is operative within the framework of the Bank of Slovenia, is also integrated in the data and information exchange system in the field of euro cash counterfeiting with the Counterfeit Analysis Centre at the European Central Bank, with other National Counterfeit Centres and the European Technical and Scientific Centre. With 328 counterfeit euro banknotes detected in 2003 and 559 in 2004, the number of counterfeit euro banknotes increased by 70%, compared to 2003. The number of detected counterfeit euro coins also increased.
   
3. The Governing Board of the Bank of Slovenia licensed »Banka Koper«, »Factor banka« and »Raiffeisen Krekova banka« for buying or selling securities by order and for the account of a bank, as well as »NKBM Maribor« for performing investment coupons´ marketing services.
   
4. In its today´s session, the Governing Board of the Bank of Slovenia licensed Ph.D. Draško Veselinovič for holding the office of a member of the Management Board of »Deželna banka Slovenije«.