CNB Board Meeting of 23 April 1998

In its session today, the CNB Bank Board discussed the outlook for foreign exchange reserve development, particularly in connection with the approaching maturity of the syndicated revolving credit of USD 2 bn which the CNB accepted as part of the stabilisation measures following the May exchange rate crises last year, and which, due to the development of the situation, did not have to be used. The Bank Board stated that the existing amount of foreign exchange reserves is sufficient at this time, thereby excluding the necessity of increasing them from external sources.

The CNB will continue to carefully monitor the outlook for foreign exchange reserve development in the context of economic development.

CNB - M. Švehla