Crown hits new high against euro

The Czech crown hit a new record high of 24.13 crowns to the euro on Friday as it continued in recent strengthening against Europe's single currency. After gaining 0.10 crowns against the euro, the currency weakened to around 24.20 in later trading. The strengthening crown has placed the Czech National Bank in a difficult position over whether it should raise interest rates in a bid to curb ongoing inflationary pressure. While a rate increase could help it counter prices rises, it would also fuel the crown's appreciation, which the bank has already described as exaggerated, and brake economic growth.