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Czech crown weakens further on fears of new euro target rate

The Czech crown continued to weaken in trading on Monday, at one time hitting 28.4 crowns to the euro. The crown already slipped to a six year low against the euro on Friday following the announcement of Czech inflation figures for December. The annual inflation rate fell to 0.1 percent from November’s 0.6 percent. This has fuelled fears that the Czech National Bank could set a new lower target euro exchange rate for the crown. Travel agents have already warned that foreign holidays will be more expensive for Czechs.

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