CNB Reserves Redenomination

During " the conversion" weekend, the Czech National Bank had completed successfully the redenomination of part of its foreign exchange reserves from the former currencies of some EU countries (the Deutsche Mark in particular) into the euro. Some 100 items, mainly government bonds with a total value of approximately 7.1 bn euros had been redenominated. This corresponds to roughly two thirds of foreign exchange reserves.

The redenomination itself has affected neither foreign exchange reserve structure nor the bank's current operation starting today. The CNB now holds two thirds of its foreign exchange reserves in euro-denominated assets and one third in assets denominated in the US dollar.

Also, the interbank foreign exchange market starts trading the koruna against the euro today.

CNB - M. Švehla