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Monetary Markets intverventions - explanation day 816

Day 816, 01:51 • Published in Czech Republic

• by Ceska Narodni Banka

There have been questions about why I intervened in the monetary markets gold rate. This is because the CNB has two functions: 1 - to preserve the treasury and if possible grow it; and 2 - to provide monetary market stability to protect the stability of the economy and to ensure citizens don't lose out too much on exchange rates.

Yesterday the rates of exchange for CZK was 0.018 - which should equate directly as 55.55 czk to gold. However the rates were upwards of 70 czk - so citizens were potentially losing out 15 czk or more per gold they exchanged.

I put in a CNB offer at 60 czk and now other markets have followed this lead. This means taht the maximum citizens lose on exchange is now 5 CZK per gold.

I hope that explains things and re-assures citizens.

Carmen Polo
Minister of Finance

Comments

Red_Baxter Day 816, 04:27

Let them better offer CZK for gold, and help us in devaluation of CZK, thats most needed atm 😉

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