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Czech central bank chief against setting euro date amid crisis

Oct 30, 2008, 16:13 GMT

Prague - The Czech Republic should not set a target for switching to the euro at a time of global financial meltdown, the country's central bank governor said Thursday. 'At a time when waters are raging not even a good swimmer would jump in,' said Czech National Bank Governor Zdenek Tuma. Speaking before parliament's upper house, Tuma said the country should not fix its currency, the Czech koruna, in the pre-entry exchange rate mechanism when financial markets and exchange rates are highly unpredictable. He said the koruna has delayed the effects of the crisis on the Czech economy. Tuma said the Czech financial sector 'is not directly impacted by the financial crisis in any significant way.' To exporters' complaints, the Czech centre-right cabinet of Prime Minister Mirek Topolanek has abandoned 2010 as a euro-adoption target and is in no hurry to set a new date.

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