published: 03.01.2014, 15:00 | updated: 03.01.2014 15:02:33
Prague - Miroslav Singer, the governor of the Czech National Bank (CNB), was granted the Central Banker of the Year 2014 award for Europe by The Banker monthly for forex interventions, CNB spokesman Marek Petrus said in a press release today.
The CNB launched interventions in the currency market with the aim to weaken the crown on November 7.
Within one day the central bank depreciated the crown from Kc25.80 to Kc27 per euro. The CNB said the threat of deflation was the main reason behind the step.
The CNB´s decision was criticised by a number of economists, entrepreneurs, President Milos Zeman and his predecessor Vaclav Klaus.
By contrast, outgoing Prime Minister Jiri Rusnok sided with the CNB.
Singer said the award confirms that steps taken by the CNB are an adequate reaction to the economic situation in the Czech Republic.
The expert jury of economists and bankers and The Banker´s editorial staff had nominated Singer for the award.
The Central Banker of the Year 2013 award for Central and Eastern Europe was granted to Singer by the journal Emerging Markets in October last year.
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