Czech Crown breaks new record against Euro.

14-04-2008

On Monday morning, the Czech crown broke a new record, exchanging at a rate of 23 crowns for 1 Euro. Although this is considered to be something of a blip, the underlying strength of the Czech crown has been a key issue in recent months and even years – at the same point last year, the rate was 28 crowns to the Euro. Although a strong crown favors Czechs traveling abroad, but has a detrimental effect on Czech exporters in Europe, who find that they get fewer Euro for exporting the same amount. The Czech government has long promised to take measures to avoid a further strengthening of the currency, said to partly be the result of market speculation and increasing Czech overseas investment.