Crown drops to Kc27.70/EUR, weakest level since March 2009

Peníze, euro, česká koruna, bankovky - ilustrační foto.

published: 17.12.2013, 19:07 | updated: 17.12.2013 19:16:20

Prague - The Czech Crown dropped by 15 hellers versus the euro today and closed at Kc27.70/EUR, the weakest level since March 2009, receiving no relief from the conclusions of today's meeting of the central bank's governing board, data on server Patria Online show.

The Czech National Bank (CNB) said today it would keep the crown's rate near the Kc27/EUR level until at least the beginning of 2015 as part of forex interventions.

Versus the US dollar the crown fell by 15 hellers to Kc20.19/$ today.

The CNB's Bank Board decided today to keep interest rates at record-low levels and continue in forex interventions against the crown.

The reason to maintain the rate versus the euro at Kc27/EUR has been confirmed by newly available information from the economy, CNB governor Miroslav Singer said.

The central bank continues to believe also after today's meeting of the CNB's Bank Board that its pledge to keep the rate near the Kc27/EUR value was suitably chosen, Singer said.

"As regards today's trading, information from the CNB did not bring relief to the crown," analyst Tomas Vlk of company Patria Direct said.

"The Czech currency remained under pressure and weakened all the way through Kc27.70/EUR. Its performance is worse than the rest of the region," Vlk said.

Analysts do not expect any changes in the CNB's monetary policy during 2014. The CNB will only be watching for the crown to stay near the target of Kc27/EUR.

In the morning the crown was at first correcting Monday's losses and moderately firmed to Kc27.54/EUR, but it started to retreat after 11:00 still before the outcome of the CNB's meeting was known.

The crown's weakening through Kc27.60/EUR on Monday was caused by technical factors, according to analysts.

Previous closeToday at 17:00
Kc/EUR27.5527.70
Kc/$20.0220.19

Source: Patria Online

Author:
www.ctk.cz

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