IMF backs Czech forex intervention
The IMF has thrown its weight behind central bank governor Miroslav Singer's attempts to intervene to weaken the Czech koruna – with the Czech National Bank (CNB) board increasingly indicating its support for the policy.
The CNB's board has been debating since March whether to depreciate the value of its currency as a way of providing more monetary easing while its key policy rate is at the zero lower bound.
The majority of the seven-member board have repeatedly voted against the action, but
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