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Czech Republic: CNB to Intervene in Forex Market
Politics ♦
Published: November 11, 2013; 10:49 ♦ (Vindobona)
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After the Czech koruna (CZK) was devalued, the Czech National Bank (CNB) is keen on preventing a deflation. However, the key rate cannot be cut anymore as it is close to zero.
Czech Republic: CNB to Intervene in Forex Market / Picture: © Czech National Bank
Since the reference rate is already at a record low, there is no downside potential anymore. As a result, weakening the Czech koruna is the last instrument for the CNB, which fears a drop in consumer prices and has been warning of the danger of a deflation for months, which could stop economic growth for a significant period of time.
Last week the CNB Bank Board decided at its…
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