Today, the Czech koruna crossed the threshold of 26 crowns per euro and hit its lowest level since June 2010. The domestic currency also weakened against the dollar. Moody’s downgrade of Hungary, which affects all Central European markets, contributed to the koruna’s decline.
Koruna reached 26,052 koruna per euro after the start of today’s trading. Now just below the 26 crown threshold. Against the dollar, the domestic currency lost 30 halers and reached 19.60 crowns.
Even the statements of the governor of the Czech National Bank, Miroslav Singer, do not speak in favor of the crown. According to him, the impact of the eurozone crisis on the Czech economy will not be worse than the impact of the global economic crisis in 2008. The current crisis does not have an element of surprise. “Today, the crisis has been discussed for several months, causes and scenarios are discussed. Nonetheless, the crisis should come as no surprise. It gives hope that the course may be lighter,” Singer said.
According to server analyst Patria Online Tomáš Vlk, another decrease in koruna can be expected in the near future. “Right now, I don’t see much chance of getting back to or below 25 crowns per euro. A more significant correction of losses will only come with an end to the debt crisis in the eurozone,” he told E15.cz. On the contrary, the situation for the monetary union has worsened, he explained. “It is now the dominant factor indicating the direction of the crown and financial markets in general.”
Developments in the exchange rate of the Czech crown against the euro and the dollar in the last two years:
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