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Czech National Bank to continue foreign exchange intervention

Xinhua, December 23, 2016 Adjust font size:

PRAGUE, Dec. 22 (Xinhua) - After a meeting on Thursday, the bank board of the Czech National Bank (CNB) decided to continue foreign exchange interventions to keep the exchange rate close to 27 crowns per euro, said the CNB spokesman Marek Zeman.

The bank board decided to use the exchange rate as an additional instrument for easing monetary conditions.

In line with this, the CNB still stands ready to intervene automatically without any time or volume limits.

The CNB will not discontinue the use of the exchange rate as a monetary policy instrument before the second quarter of 2017. At the same time, the CNB will keep the interest rates at a low level.

This decision is based on the message of the CNB's current forecast and on an assessment of newly available information obtained since the current forecast was prepared.

In addition, the CNB will stand ready to intervene to mitigate potential exchange rate volatility.

CNB's foreign exchange intervention lasts over three years. It launched the policy in November 2013. (1 U.S. dollar = 25 crowns) Endit