Koruna's slide continues because of global risks

Koruna's slide continues because of global risks

Published at: 2018-11-13 10:41 | Author: CIJEurope.com
The Czech koruna fell to its lowest level against the dollar since July 2017. The Czech financial server Patria Online writes that it fell to CZK 23.05 per dollar and CZK 25.94 per euro. It appears that the Czech currency is more sensitive to global risks than its Central European neighbors, a fact Patria links to a relatively high level of foreign investors in the koruna left over from the era of the Czech National Bank's policy of forcing down the cost of the currency in order to promote exports. Foreign investors piled into the artificially low value of the currency, assuming it would jump once the CNB ended its intervention. The koruna in fact strengthened by CZK 5, hitting CZK 20 per dollar in February, but it began weakening again in April.

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