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| Coronavirus situation contributes to weakening of Czech currency |
| Prag, 10.03.2020 |
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| The coronavirus has impacted global stock and commodities markets and also hit the Czech crown. It stood at below 25 to the euro in mid-February, its strongest level since 2012. Since then, however, the crown has reached even above 25.50 to the common European currency.
This week the situation has calmed somewhat, after European governments and central banks made it clear they would step in to help economies if required, the news website iHned.cz reported on Wednesday.
That said, the crown did not just weaken due to investor flight toward safe shares – an anticipated rate cut by the Czech National Bank has also been a factor, Jakub Seidler, chief economist at ING Bank in Prague, told iHned.cz.
Mr. Seidler said that traders assume a reduction in key interest rates is inevitable, a move forced on Czech central bankers by the fact that the world and domestic economies are slowing and the main central banks are cutting their rates
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