Crown surges to new records

The surging Czech crown set a new record of 22.999 crowns to the euro on Friday as the currency continued to be sought as a refuge from weakening equities, also reaching a new record of 14.50 crowns to the US dollar, due to the same type of speculative buying an analyst for Patria Finance told AFP. According to sources, the crown could stabilise at around the 23 crowns to the euro. Czech exporters have warned that the continuing rise of the crown will undermine the economy's still solid growth but recent trade figures have suggested that sales abroad are still bearing up.