April 6, 2017 / 10:40 AM / 4 months ago

Czech central bank removes cap on crown currency strength

PRAGUE, April 6 (Reuters) - The Czech central bank (CNB) ended its intervention regime keeping the crown on the weak side of 27 per euro on Thursday, allowing the currency to float to stronger levels.

Investors have bet billions of euros that the crown will strengthen after the end of the currency cap which had been in place since November 2013 to help revive inflation.

The bank reiterated it would be ready to step into the market if it needed to smooth currency swings.

The bank said Governor Jiri Rusnok will hold a news conference to discuss the decision at 2.15 pm. (1215 GMT).

Reporting by Jan Lopatka; Editing by Jason Hovet

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