The Czech koruna shot up dramatically after the Czech Cabinet declared Société Générale of France as the winner in the tender sale of Komercni banka. The French bank will pay CZK 40 bil. for the Czech state's 60% share in KB.
In reaction to this news the koruna strengthened to a new high 33.73 CZK/EUR, or 17.25 CZK/DEM. The sale price of CZK 40 bil. is to be paid by Société Générale upon the signing of the puchase agreement, expected in two months' time.