Czech central bank says no fear of big upward pressure on crown

The Czech central bank remains ready to buy euros on the market if the Czech crown firms through the 27 per euro level but there is no fear of any big upward pressure on the currency, central bank board member Jiri Rusnok said on Sunday. The crown neared the 27 mark last week for the first time since the bank pledged to defend that level in 2013, as investors used the crown as a save haven within central Europe.
"We have said we have this option open and our expert departments have full authority to act if such short-term situation occurs," he said in a debate on Czech Television.
"I cannot exclude it (interventions), but I do not fear any big pressure in this direction," he said.
Rusnok said the crown had close relation to the euro and he saw no reason why it should move significantly against the common European currency.