Czech Finance Ministry asks central bank to investigate possible manipulation of main benchmark rate

The Czech Finance Ministry has asked the central bank to investigate whether the Prague Interbank Offered Rate (PRIBOR), the main benchmark for the country's money market, may have been manipulated, the Reuters news agency reported on Friday. In a letter sent to central bank Governor Miroslav Singer, Deputy Finance Minister Martin Pros referred to "unsettling reports concerning PRIBOR rates, of which the most serious ones include concerns of their manipulation" and asked the bank for a thorough investigation. According to Reuters Pros did not accuse any individual or institution of wrongdoing or spell out in the letter what his allegation was based on.