Czech Republic recovers
The Czech economy has officially ended its recession after recording 0.1% growth in the second quarter. This was lower than the official estimate of 0.3% but has served to strengthen currency rates for the koruna on the back of economic optimism. Slovakia and Germany have also returned to growth in the second quarter, supported by revived household consumption and in the case of eastern Europe, improved levels of foreign investment.
Eastern Europe has suffered its worst recession since WW2 and currency rates have weakened up to 30% against the euro following plunging market confidence. However growing stability has seen eastern European currencies trim these losses, with the Polish zloty one of the best performing currencies this year against the euro.
Currency rates for the Czech koruna are currently at 17.56 per USD, 25.42 per EUR and 29.05 per GBP.
The rates quoted above are interbank rates. Client rates may vary according to the volume and timing of the trade.