Low crown intervention by national bank eases in November
Intervention by the Czech National Bank to keep the crown low against the euro reduced in November compared to the previous month. The bank intervened to the tune of 14 billion crowns to buy up euros to keep the crown at or below the rate of 27 crowns to the euro, it announced on Friday. In October, the intervention volume reached 107 billion crowns, the second highest monthly total since the low crown regime was launched at the end of 2013. The national bank expects to pull out of the low crown regime from the middle of this year. Separately, the bank announced that its euro reserves climbed by 21.7 billion euros in 2016.