Meeting of the CNB Bank Board

At its meeting today the CNB Bank Board dealt with the foreign exchange market developments. The sale of the state stake in Komerční banka is being settled in these days. The payment will be deposited on the foreign currency privatisation account of the National Property Fund with the Czech National Bank. The purpose of using the privatisation account is, as in previous transactions, to reduce the impact on the exchange rate of the koruna.

The National Property Fund, the Ministry of Finance and the Czech National Bank agreed on a mechanism which is based on spreading drawing of funds over time and on using part of the proceeds from the sale of Komerční banka for the state's foreign currency needs.

At the same time it is still valid that the CNB always considers the current exchange rate development when opting for conversion methods.

Alice Frišaufová, CNB spokesperson