The Czech crown continued strengthening to record highs last week and on Thursday broke the psychological level of 30 crowns per euro, setting a new record high at 29.9 crowns to the euro. The Central Bank intervened against the currency, sending it back to over 30 crowns. Some experts say the crown could reach as high as 29.50 over the next few days unless the Central Bank intervenes again. Finance Minister Jiri Rusnok said that intervention was justified because the rate of the crown's strengthening does not correspond to economic
The Czech Republic posted an unexpectedly high GDP growth in 2001, fuelled mainly by domestic consumption. The Czech Statistical Office said the nation's GDP increased 3.6 per cent in 2001 over the previous year to 2.1 trillion CZK (or 58 billion USD). It was the biggest jump in the key economic rate since 1996, when GDP rose 4.3 per cent.
The Czech Supreme Audit Office - which supervises spending by state bodies and institutions - has discovered that the situation was far from rosy in 2001. Irregularities and inefficiency - these are the words which best describe the situation in the public sector. This and more in this week's Economics Report.
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