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Economy
1 MIN READ
Czech central bank steps in markets to stop crown weakening
May 12, 2022
By Reuters
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)
This article originally appeared on reuters.com