Feb 04, 2024

Czech Koruna at Lowest Point in 20 Months Against Euro

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Shadia Oseni

At the close of trading on Friday, February 2, the Czech koruna weakened against the euro by 14 halers, reaching 24.97 crowns per euro, marking the lowest level since May 2022.

Senior Czech central banker Jan Frait said he was prepared to back at least a 50-basis-point cut next week and may favour an even larger move, raising the prospect of the bank discussing bolder monetary easing than market predictions.

Analysts highlight that the koruna’s decline is attributed to the overall instability in global financial markets and the news of a Czech economic recession.

This downward trend commenced at the end of November last year, accumulating a loss of 71 halers over two months.

It’s worth noting that the Czech crown reached its peak strength against the euro in July 2008, with an exchange rate of 22.86 crowns per euro.

Its lowest point was in April 1999 when one euro was equivalent to 38.46 crowns.

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