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ING on CNB Intervention

CZECHIA
  • According to ING estimates, the Czech National Bank spent around EUR2.2bn defending the koruna last week when it decided to leave rates unchanged.
  • Since mid-May, the total cost has thus reached almost 15% of all FX reserves.
  • However, ING thinks we will see calm in the FX market at least until the next inflation number, unless global factors come into play.

Source: ING

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