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Letter from Prague How I helped to kill the hellers
As of next year our wallets are going to get a lot lighter. Not because of
the January sales but because, as of March 1st ,the amount of small change
in our purses and wallets should be reduced by the absence of 10 and 20
heller coins. The Central Bank has decided to take them out of circulation
- for the simple reason that they don't circulate.
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Current AffairsCNB proposes removing ten and twenty heller coins from circulation
The Czech National Bank said this week it would be removing ten and twenty
heller coins from circulation within a year. The move is being welcomed by
most ordinary Czechs who believe that the tiny aluminium coins do nothing
but take up space in wallets. But are they really useless? Dita Asiedu
reports:
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Business NewsCrown hits five-month low due to floods
The Czech crown depreciated in the past few days due to concerns about the effects of the disastrous floods in the Czech Republic. After several week of steady appreciation, the crown's exchange rate fell...
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Current AffairsIs strong crown influencing tourism in the Czech Republic?
The Czech currency has reached record levels over the past few weeks, which not only poses problems to Czech exporters, but it also means that everything is more expensive for foreign tourists arriving in the Czech Republic on holiday. So is the strong crown putting off foreign tourists?
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Current AffairsCentral Bank cuts interest rates in response to strengthening crown
On Thursday, the Czech National Bank's board made money cheaper by reducing interest rates by three-quarters of a percentage point. This measure was welcomed by the Finance Ministry, as the cut is expected to curb the recent rise of the crown and come to the rescue of exporters who have been under enormous pressure to reduce costs. Although a cut in interest rates was expected, most economic analysts predicted they would be cut by half a percentage point at most. Dita Asiedu spoke to economic analyst David Marek from Patria Finance to find out what this move meant for the business community and in what way it would affect the average Czech:
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Business NewsCrown's constant firming may endanger economic growth
The Czech National Bank on Wednesday released a report from its board meeting at the end of June in which it sees the constant appreciation of the crown as a factor that could cause changes in the structure of the economy and negatively affect economic growth. The crown is also one of the main factors behind the current fall of inflation below the central bank's target.
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