Czech currency intervention and forex reserves
How the Czech National Bank’s activities have affected the value of the koruna
One of the most striking facts in financial markets during the past 15 years is the rapid rise in the volume of official foreign exchange reserves. According to the IMF’s currency composition of official foreign exchange reserves (Cofer) data, reserves have grown from less than $2 trillion in 2000 to almost $12 trillion by the end of last year (see chart 1).
The geographical distribution of this rise has been uneven. While official foreign exchange holdings worldwide have risen about
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