The crown, at CZK 25.81/euro, is now at its lowest level against the euro since June of last year. Local media said that the CNB has managed to weaken the crown by about CZK 1 vs. the euro in the past year but that the low interest rates and weaker currency have not had the expected effect of increasing consumer demand. CNB Gov. Miroslav Singer now says that the impact of the low interest rates will be visible in about 1.5 years.