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Koruna dives as Czech Central Bank intervenes

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Move comes as inflation has been running way behind the Central Bank’s 2% target. The Czech National Bank had been warning for a year that it may weaken the koruna as it seeks to prop up economic growth while interest rates are close to zero. On Thursday, despite a stabilization in the country’s weak economy, the central bank surprised markets by making good on that pledge, buying euros and saying it wants to see the euro trading at around CZK 27.

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