Crown at 7-year high, ČNB’s Vojtěch Benda sees further firming

15-01-2020 updated

The Czech central bank expects some crown firming ahead but not as strong as in previous years, rate setter Vojtěch Benda said Wednesday at an economic conference in Vienna, Reuters reports.

On Wednesday morning the crown gained past a key level against the euro to touch a 7-year high as markets priced in rising chances of an interest rate increase in 2020. Shortly before 10:00 am, the Czech currency traded at 25.118 CZK/EUR, according to the Patria.cz server.

Benda is quoted as saying the Czech currency should continue to gradually strengthen but probably not at the same pace seen in 2008 and 2009, the time of the global financial crisis.