Czech National Bank abandons koruna floor

Jiří Rusnok
Jiří Rusnok, governor of the Czech National Bank

The Czech National Bank (CNB) announced today (April 6) that at an extraordinary meeting its board had decided to remove the floor from the country’s currency, the koruna. 

Since November 2013, the CNB has committed to keeping the koruna at a minimum level of CZK27 against €1 ($1.08). It publicly stated it was using the currency floor as its main monetary policy tool against what were extremely low Czech inflation rates, nudging against zero several times since 2014. 

But the Czech Republic’s

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