Announcement of the Czech National Bank on a change in the method of publishing exchange rates as of 2 January 2002

At present, the Czech National Bank sets the exchange rates every working day with effect from the following working day. These exchange rates are published via information agencies and on the Czech National Bank's website (www.cnb.cz).

With effect from 2 January 2002, the time and method of setting and publishing the exchange rates is to change. The rates will be set at 2.15 p.m. every day with effect on the same day and will be published immediately afterwards in the same way as before. With effect from 2 January 2002, the CNB will cease setting calculated rates for euro legacy currencies. No other changes to the setting of exchange rates are planned for the time being.

• The exchange rates published on 28 December 2001 and effective from 31 December 2001 will be published in the existing form.
• No exchange rates will be set or published on 31 December 2001.
• The exchange rates set on 2 January 2002 at 2.15 p.m. and effective from 2 January 2002 will be published immediately after they are set.

Under the Act on Accounting and other legal norms, the exchange rates are used for non-trading purposes (valuing assets and liabilities, tax and customs proceedings, etc). For client operations, commercial banks are allowed to use their own CZK exchange rates against individual currencies in line with current practice.

Alice Frišaufová
CNB spokesperson