Czech National Bank announces end of currency interventions to maintain low crown regime

The Czech National Bank has ended the regime of foreign currency interventions to keep the crown low against the euro. The bank’s spokesman Marek Zeman announced the move after an extraordinary meeting of the bank board on Thursday. That means the bank will no longer prevent the Czech crown to dropping below the level of 27 crowns to the euro. The bank repeated its previous announcement that it is ready to intervene either way if the crown starts becoming volatile. The Czech National Bank launched currency interventions in November 2013 to head off the danger of deflation and weakened economic growth.