Convergence will cut CNB's losses
The Czech National Bank should be able to repay its foreign-exchange-related losses by 2023 as the economy converges with developed economies, finds a new paper from the central bank.
The central bank's losses stood at 57% of the currency in circulation or 6.7% of nominal GDP at the end of 2007. But the authors believe that as the economy converges with advanced economies, the risk premium and real-exchange appreciation trends are likely to fade and the net foreign-exchange reserves ratio will
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