Czech National Bank removes koruna cap
After three and a half years, the central bank scraps the floor on EUR/CZK
The Czech National Bank (CNB) has removed the upper limit in the koruna’s exchange rate against the euro at an extraordinary meeting today (April 6), ending its three-and-a-half-year policy to keep the EUR/CZK rate below 27.
In the immediate aftermath of the announcement, the koruna gained 1.13% against the euro, trading at 26.73 at the time of publication.
The move was largely expected by the markets after the CNB’s board meeting last week, during which the central bank tweaked its language
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