CNB governor Tuma says Czech FX reserves too high

Czech National Bank governor Zdenek Tuma said on Wednesday 10 December that Czech foreign currency reserves are too high and were not expected to fall significantly in the near future. According to Tuma, the central bank cannot reduce its FX reserves because it would affect market balance and the crown would start firming independently of the economy.

Source: Interfax

Czech foreign currency reserves, currently at some CZK 700 bn, are too high, but the Czech National Bank (CNB) does not expect a