How does the CNB calculate the koruna's exchange rate against other currencies?
With effect from 2 January 2002, the foreign exchange market rates declared by the Czech National Bank are calculated as before on the basis of its monitoring of the movements of currencies on the interbank foreign exchange market. The declared exchange rates of selected currencies correspond to the trading in individual currencies on the foreign exchange market at 2.15 p.m. local time. Under the Act on Accounting and other legal norms, the exchange rates are used for non-trading purposes (i.e. for valuing assets and liabilities, tax and customs proceedings, etc).
With effect from 2 January 2002, the CNB ceased declaring calculated rates for those national currencies of the EMU countries which no longer exist.