Bloomberg News

Koruna Gains 2nd Day After Czechs Approve Tighter 2012 Budget

December 15, 2011

Dec. 15 (Bloomberg) -- The koruna strengthened for a second day after the government approved a budget for 2012, endorsing a 22 percent deficit reduction.

The Czech currency appreciated 0.2 percent to 25.598 per euro by 11:02 a.m. in Prague, paring the koruna’s losses so far this quarter to 3.6 percent.

The budget law, passed late yesterday, is part of Premier Petr Necas’s plan to trim the fiscal gap after assembling the largest majority in parliament since independence in 1993. The pledge to reduce the shortfall to less than the European Union limit of 3 percent of economic output has helped the Czech koruna outperform currencies in Poland and Hungary this year.

--Editors: Linda Shen, Wojciech Moskwa

To contact the reporter on this story: Douglas Lytle in Prague at dlytle@bloomberg.net

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net


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