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Czech central bank's foreign assets grow by EUR 4.4 bln in March 1-10
March 15, 2017 / 12:28 PM / 7 months ago

Czech central bank's foreign assets grow by EUR 4.4 bln in March 1-10

PRAGUE, March 15 (Reuters) - The Czech central bank’s receivables from abroad grew by 119 billion crowns, or 4.4 billion euros, between March 1 and March 10, the bank’s balance sheet showed on Wednesday.

The bank’s foreign assets growth has served as a rough guide to the bank’s 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.

The bank’s board has said it will keep the policy in place until at least the second quarter and that a likely 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; Editing by Jason Hovet)

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