Weaker crown triggers shopping fever
The central bank’s recent intervention against the crown has triggered a shopping fever, the internet news site novinky.cz reports. Retailers and e-shops report a steep increase in sales particularly electronics where the predicted price hike is expected to be significant. Alza.cz says its sales have doubled since the announcement and internet stores selling electronics and household appliances report a 200 percent increase in sales. The National Bank is intervening on forex markets to weaken the crown which is expected to increase the price of imported goods, products made from imported materials and petrol.