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Economy 1 MIN READ

Czech central bank steps in markets to stop crown weakening

May 12, 2022

By Reuters

PRAGUE, May 12 (Reuters) – The Czech National Bank (CNB) said on Thursday it had launched currency market interventions after a sizeable depreciation of the crown.

It said the goal was to prevent a longer-term weakening of the crown in a situation of high inflation.

The crown EURCZK= reversed its earlier losses after the news and traded up 0.5% on the day at 25.19 to the euro at 0934 GMT.

(Reporting by Jason Hovet and Robert Muller, editing by Jan Lopatka)

((jason.hovet@thomsonreuters.com;))

This article originally appeared on reuters.com

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