Central Bank cites growth in profit due to forex interventions
The Czech National Bank posted a 73.2 billion crown profit last year, against a profit of 2.9 billion the preceding year, the bank reported on Monday, citing the forex interventions launched in November as the main cause of the increase. Revenue from foreign exchange reserves management account for one third of the profit figure. Two thirds are exchange rate effects arising from the market appraisal of the central bank´s forex reserves, according to spokesman Marek Petrus. As previously the central bank will use the profit to cut accumulated losses of 123.6 billion crowns from previous years.