The koruna weakened sharply in response to sales in the European banking sector linked to the problems of the Ukrainian bank Credit Suisse. Compared to the euro, it lost more than 1 percent, and for the first time since January, it reached above the 24.00 EUR/CZK level, and then pips that 2 percent loss on the front with the dollar. Nervousness in the European banking sector affected the macro data all night, and it will be no different today, when the cards are closed at the ECB meeting.
Even if the financial tension in Europe were to persist and the koruna should fall under our feet, we do not expect a dramatic correction to occur. Let’s assume that the NB intervention bond would work if necessary. We note that NB was last active on the foreign exchange market in June of last year, when the koruna was at the then intervention level of EUR 24.70/CZK. At the same time, NB assured the public that it is monitoring the current development, emphasizing that the domestic banking sector is equipped with capital and that banks are obliged to follow the written regulatory rules, including those for liquidity issues.