IMF deems Czech exchange rate floor appropriate ‘for now’

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The exchange rate floor on the Czech koruna is appropriate "for now", according to the IMF's latest staff report, but the Czech National Bank (CNB) should remove it "as soon as conditions allow".

In November 2013, the central bank announced it would intervene in the foreign exchange market to keep the exchange rate of the koruna against the euro "close" to 27:1.

When announcing the policy, CNB governor Miroslav Singer argued that "a sustained weakening of the exchange rate is an effective instru

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