The Czech Republic's current account deficit came in at a higher than expected $403 million, official figures showed Wednesday.
Published:
12 August 2004 y., Thursday
The Czech Republic's current account deficit came in at a higher than expected $403 million, official figures showed Wednesday.
The June deficit compared with a $325 million current account deficit in May. The market had expected a deficit in June of $350 million.
Some analysts said the higher than expected June deficit had been driven by foreign companies repatriating profits to their home countries.
The current account data will, ironically, come as good news to the central bank because it is likely to contribute to a relative weakening of the local currency, the crown.
The central bank and the government are keen to avoid any strong appreciation of the crown, fearing it will hurt the country's competitiveness.
The Czech economy is growing rapidly compared with the euro zone but is a relatively poor performer in the central and east European region.
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