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Czech Central Bank Ends Currency Cap to Let Koruna Float
The Czech National Bank ended its regime limiting koruna appreciation, setting in motion one of this year’s biggest currency trades that’s attracted as much as $65 billion in estimated speculative capital. The central bank’s board voted to exit the Swiss-inspired intervention regime at a meeting in Prague on Thursday, removing a policy that kept the koruna weaker than 27 per euro for more than three years. The decision, announced in a statement on the bank’s website, came a week after its pledge to keep the one-sided peg in place expired in March. It triggered moves sending the koruna both above and below the ... (full story)
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