Czech National Bank announced balance of payment figures for the third quarter 2001. The current account deficit totaled USD 392 million, compared with a revised USD 520.6 million in the second quarter and USD 370.3 million in the same period last year. Foreign direct investment totaled USD 553.8 million, the lowest quarterly inflow since the fourth quarter of 1997.
The Czech koruna breached another psychological barrier. The exchange rate fell below 33.0 CZK/EUR yesterday afternoon. Currently the koruna is trading at 32.95 CZK/EUR. The Czech currency has been setting one record after another since last Thursday when the CNB, against the expectations of a part of the market, failed to intervene.
Diplomats of all EU member countries agreed on a joint position on the energy chapter within the accession negotiations with the Czech Republic. The text is to be only formally approved by the EU countries diplomats on Wednesday. Czech finance minister Jiří Rusnok expressed his hope that the Czech Republic could fulfill all Maastricht criteria and join Economic and Monetary Union in five years. Nevertheless, he admitted that a significant reform of fiscal policy would be necessary.
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