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Czech National Bank goes large for FX intervention

The Czech central bank has boosted its foreign exchange as the institution does its part to help the weak domestic economy

The Czech central bank has boosted its foreign exchange reserves 14% by printing new korunas to buy foreign currency, as the institution does its part to help the weak domestic economy boost exports and fuel currently weak domestic inflation.

The central bank Monday said it used roughly 200 billion koruna ($9.92 billion) in newly-issued currency in its foreign exchange intervention earlier this month. The bank reiterated both its new CZK27 per euro exchange-rate target and its ability to sustain that rate in future.

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