The Czech crown weakened to below 26 per Euro. This is the lowest the crown has been since June, when the Czech National Bank (CNB) started actively monitoring the crown and tried to control it with interest rate hikes. With five rate hikes this year, Hospodarske noviny suggests that the CNB failed to estimate the global economic scenario, the weakening of the Czech economy and the lasting effects of its long-term intervention in the previous years to keep the crown artificially weaker.
