Meeting of CNB representatives with the Czech Association of Exporters

This morning Czech National Bank officials met representatives of the Czech Association of Exporters. Their discussion focused on the current economic situation, especially in the context of the strengthening koruna.

Chairman of the Czech Association of Exporters Jiří Grund informed CNB Governor Zdeněk Tůma and CNB Vice-Governor Mojmír Hampl of the views of the Association, emphasising above all the negative impact of the appreciating koruna on the profits of exporters. Mr Grund went on to say that the strong koruna is also reducing the income of hotels with foreign clients, for example, and lowering the real value of EU subsidies.

The representatives of the CNB and the Czech Association of Exporters agree above all that the pace of appreciation of the koruna (17% year on year against the euro) is out of line with labour productivity growth and the koruna’s current exchange rate does not reflect the situation of the economy. Governor Tůma assured the representatives of the Czech Association of Exporters that the exchange rate of the koruna is an important input parameter in the Bank Board’s monetary policy decision-making. However, he stressed that the CNB’s statutory objective is to maintain price stability.

Pavel Zúbek
CNB Communications Department