Czech Koruna Gains Most Since July as Intervention Concern Eases - Bloomberg

Czech Koruna Gains Most Since July as Intervention Concern Eases - Bloomberg:

"The Czech koruna strengthened the most in almost three months after the monetary-policy council rejected central bank Governor Miroslav Singer’s push to sell the currency for a second meeting amid an economic recovery.
The koruna gained as much as 0.8 percent, the most since July 9 on an intraday basis, before trading 0.6 percent higher at 25.699 per euro by 3:41 p.m. in Prague. It has slid 4.5 percent since Sept. 17, 2012, the day beforeSinger first signaled the CNB may intervene in the market.
Policy makers kept the main interest rate at 0.05 percent and a vote on koruna sales failed, Singer told reporters in Prague today. Three of the seven board members, including Singer, previously advocated intervention as inflation remains below the bank’s target even as the economy emerged from a recession in the second quarter. All else being equal, a weaker currency makes imports more expensive and helps exporters."

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