BRATISLAVA (Reuters) - Slovakia`s trade deficit fell to to 6.65 billion Slovak crowns ($190.5 million) last month from 10.87 billion in October, bringing the cumulative deficit for the first 11 months of the year to 72.5 billion. Analysts said deficit was boosted in October by the distorting effect of the Slovak crown`s flotation on October 1. In the immediate aftermath of the flotation, wholesalers moved to protect themselves against further depreciation in the Slovak currency by increasing stocks at pre-depreciation rates. Traders said Monday`s trade figures had no noticeable impact on the crown, partly because they were in line with expectations and partly because of a market holiday in London. "The numbers are really bad but they were expected and came as no surprise," said one local dealer who asked not to be named. "There has been no immediate effect on the crown. But the numbers are perhaps indicative of a slightly overvalued crown." The crown was quoted by the central bank on Monday at 21.8 to the mark, a slight decline from the opening. Dalibor Cernicka, managing director of Money Market Brokers in Bratislava, said the trade deficit was almost certain to be worse in December because importers would probably look to protect themselves against future uncertainty. "We expect a further increase in the trade deficit in December compared with November because people will move to protect themselves against possible administrative measures against imports and because of taxation changes at the start of next year," he told Reuters. Central bank governor Vladimir Masar told Reuters in an interview last week that the current trade deficit situation was unsustainable in the longer term but that a weaker currency was no real solution. He urged the government to stick to its promise to slash domestic demand by curtailing the budget deficit through austerity measures in 1999. ($1=34.91 Slovak Crown)