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Czech News in English » Business » Finance » Czech koruna gaining against euro at fastest rate since 2008

Czech koruna gaining against euro at fastest rate since 2008

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The Czech koruna is rallying against the euro at a rate not seen since June 2008, just in the nick of time for Christmas. From the start of November, the Czech Republic’s currency went from 27.18 to 26.16 CZK per euro, or a gain of about 4%.

Štěpán Hájek, an analyst from Purple Trading, told iDnes.cz that if the koruna can hold its pace till the end of November, this will be the biggest monthly gain against the euro in 12 and a half years.

The analyst cites positive vaccine news, as well as a shift out of safe havens like the USD and euro as driving up the koruna.

“The markets have so far experienced the largest rotation from safe assets to riskier ones, and one of the biggest winners is the Czech koruna.”

In plain English, the strengthening of the koruna means that when you buy something for €1,000, you will spend 1,020 Kč less than you would have spent before November. If you buy something for USD 1,000, you will spend CZK 1,450 less.

Since most inventory for Christmas shopping has already been ordered by most businesses here in the Czech Republic, there probably won’t be any difference in the price of retail goods unless you order from abroad. In the longer term, however, it looks like imported products like clothing or electronic goods will drop in price a bit for Czech consumers.

Other Visegrad countries join the Czech Republic in their currency gains, with the Hungarian forint rallying 1.2% against the euro, and the Polish zloty rallying 2.5% in November.

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