CNB: Significant Increase in Profits

Politics ♦ Published: January 13, 2014; 17:22 ♦ (Vindobona)

Due to the forex interventions in November last year, the Czech National Bank (CNB) was able to increase its results.

CNB: Significant Increase in Profits / Picture: © Czech National Bank

In 2013, CNB saw a profit of CZK 73.2bn compared to only CZK 2.9bn in 2012. The remarkable increase was caused by the forex intervention carried out last November. Just like last year, the central bank will use the profit to cover for losses that have accoumulated to a total of CZK 123.6 in the past years.

"Revenue from foreign exchange reserves management accounted for one third…