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Czech Republic prepares for convertibility of national currency
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Journal Article
Czech Republic prepares for convertibility of national currency
1994
Overview
The Czech National Bank is preparing for the introduction of full convertibility of the national currency in the medium term. The National Bank is clearly undergoing a learning-by-doing process, implementing gradual steps enabling the bank to watch closely the reaction of the local business community to the moves and the regulator's ability to control the monetary scene. Among the measures most recently introduced has been a relaxation of rules under which domestic companies are allowed to retain hard currency earnings. This will send strong, positive signals to potential and existing foreign investors keen to see the Czech reform process progress. Only a few companies conducting mainly foreign trade transactions are likely to take advantage of the change in the National Bank's rules. Most banks in the republic do not think there will be significant profits generated by foreign exchange operations for local companies.
Publisher
Euromoney Institutional Investor PLC
