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Latest data released by Czech National Bank (CNB) revealed how intense the pressure has been on the Euro- Czech Koruna peg at 27, which has been in place since 2013.
- With 4.4% y/y GDP growth, interest rate at 0.05%, 6.2% unemployment rate and just about 42% debt to GDP ratio in Czech economy, CNB is clearly swimming against tide and against much larger bank in defending the peg.
- Theoretically speaking, Czech National bank can hold the peg as it can print unlimited quantity of domestic currency but practically speaking at one point when Euro downfall intensifies, CNB will have to let the peg rest in peace like happened in case of Swiss National Bank (SNB).
- CNB might face that awkward moment if Euro falls below parity against Dollar or ECB launches second round of easing if China slows further leading to financial market volatility.
Reserves swelled by 9.5% in August, from July leading it to $61.8 billion or 30% of gross domestic product (GDP).
