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4 months ago
Czech central bank foreign assets grow by 4.3 bln euros in March 11-20
March 23, 2017 / 12:14 PM / 4 months ago

Czech central bank foreign assets grow by 4.3 bln euros in March 11-20

2 Min Read

PRAGUE, March 23 (Reuters) - The Czech central bank's receivables from abroad grew by 116.6 billion crowns, or 4.3 billion euros, between March 11 and March 20, the bank's balance sheet showed on Thursday.

The bank's foreign assets growth has served as a rough guide to its purchases of foreign currency on the market to keep the crown on the weak side of 27 per euro.

The data can be affected by other transactions such as inflow of EU subsidies.

In the first 10 days of March, receivables from abroad had risen by 4.4 billion euros.

The bank's board has said it will keep the policy in place until at least the second quarter and that the likely timing of the exit will be around the middle of 2017.

Interventions have soared this year as investors believe the crown is undervalued. Companies have also ramped up hedging of future euro revenues. The central bank has warned that long crown positions may result in volatility and the crown may move in both directions when the peg is dropped.

Official intervention data for February will be released on April 7, and March data will be released on May 9. The size of foreign reserves at the end of March will be released on April 7. (Reporting by Jan Lopatka)

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