Central Bank intervenes against strong crown

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The Czech National Bank intervened against the strong crown on Monday, after it dropped below the 30-crown-per-Euro mark for the first time in six weeks. The crown weakened slightly as a result of the intervention but has been hovering just over the psychological level. The crown reached a record high in July of this year selling for 28.85 per Euro, an exchange rate that pleased tourists but was highly disadvantageous for Czech producers. The recent devastating floods weakened the crown temporarily, but it quickly recovered and returned to its former levels.