How the Czech koruna was held at 27 per euro
From November 2013 to April 2017 the The Czech National Bank, the central bank of the Czech Republic.Source: Deutsche Bundesbank, Metadata on the Exchange rate statisticsOpens in a new tab (CNB) kept the koruna from strengthening beyond 27 per euro. Its daily exchange rate fixing shows how: the rate stayed above 27 for three and a half years, and fell below it the day the CNB stopped.
Which rate, and what it is for
The CNB fixes the koruna's rates every working day. They are declared every working day at around 2.30 p.m. and are valid for the current working day and, where relevant, the following Saturday, Sunday or public holiday
Source: Czech National Bank, Central bank exchange rate fixingOpens in a new tabGo to the list of sources, and correspond to the trading in individual currencies on the foreign exchange market at 2.15 p.m. local time
Source: Czech National Bank, How does the CNB calculate the koruna's exchange rate against other currencies?Opens in a new tabGo to the list of sources. They have a legal use: Under the Act on Accounting and other legal norms, the exchange rates are used for non-trading purposes (i.e. for valuing assets and liabilities, tax and customs proceedings, etc).
Source: Czech National Bank, How does the CNB calculate the koruna's exchange rate against other currencies?Opens in a new tabGo to the list of sources
The CNB describes its regime today: Today, the Czech economy operates under a managed float regime.
Source: Czech National Bank, The CNB’s monetary policyOpens in a new tabGo to the list of sources Until the end of May 1997, the koruna was pegged to a basket of foreign currencies
Source: Czech National Bank, The CNB’s monetary policyOpens in a new tabGo to the list of sources.
What the history shows
The CNB's fixing file begins on January 1, 1991 and holds 9,011 dates to September 25, 2026. Its history site records the end of the A policy by which a government or central bank fixes its currency's exchange rate against a foreign currency or a basket of currencies.Source: IATE, the terminology database of the European Union, currency pegOpens in a new tab: Měnové turbulence koncem května 1997 donutily ČNB k opuštění fixního kurzu a kurz se stal plovoucí.
Source: Czech National Bank, Kurzový vývoj a zlatá měnaOpens in a new tabGo to the list of sources (Currency turbulence at the end of May 1997 forced the CNB to abandon the fixed exchange rate, and the rate became floating.) On May 28, 1997 the dollar's fixing rose 8.6%, from 30.475 to 33.082 koruna, and the Deutsche Mark's 7.9%.Figures computed by FXtab from:Czech National Bank, Exchange Rates – Yearly HistoryOpens in a new tabEuropean Central Bank, Euro foreign exchange reference ratesOpens in a new tabGo to the list of sources
On November 7, 2013 the CNB decided to start using the exchange rate as an additional instrument for easing the monetary conditions
Source: Czech National Bank, CNB keeps interest rates unchanged, decides on interventionsOpens in a new tabGo to the list of sources: The CNB will intervene on the foreign exchange market to weaken the koruna so that the exchange rate of the koruna against the euro is close to CZK 27.
Source: Czech National Bank, CNB keeps interest rates unchanged, decides on interventionsOpens in a new tabGo to the list of sources The euro's fixing went from 25.785 koruna on November 6, 2013 to 26.85 on November 7, 2013 and 26.965 the day after. From November 12, 2013 to April 5, 2017, 856 fixings, it never fell below 27: its lowest was 27.01, on November 12, 2013, and it stayed below 27.10 on 413 of those days; its highest was 28.41, on January 13, 2015.Figures computed by FXtab from:Czech National Bank, Exchange Rates – Yearly HistoryOpens in a new tabEuropean Central Bank, Euro foreign exchange reference ratesOpens in a new tabGo to the list of sources
At its extraordinary monetary policy meeting on April 6, 2017, the CNB Bank Board decided to end the CNB’s exchange rate commitment. This decision takes effect immediately.
Source: Czech National Bank, CNB ends exchange rate commitmentOpens in a new tabGo to the list of sources From then the koruna exchange rate will move according to supply and demand on the foreign exchange market
Source: Czech National Bank, CNB ends exchange rate commitmentOpens in a new tabGo to the list of sources. The fixing was 27.06 on April 5, 2017 and 26.75 on April 6, 2017; within a year it reached 25.19, on February 2, 2018.Figures computed by FXtab from:Czech National Bank, Exchange Rates – Yearly HistoryOpens in a new tabEuropean Central Bank, Euro foreign exchange reference ratesOpens in a new tabGo to the list of sources The CNB calls the commitment not a new CNB monetary policy objective, but rather a temporary instrument used after the room for further interest rate cuts had been exhausted
Source: Czech National Bank, What was the exchange rate commitment?Opens in a new tabGo to the list of sources.
What it means for your money
For the euro, the CNB's fixing and the The European Central Bank, which began work on 1 June 1998; its Governing Council decides the monetary policy of the euro area.Source: Deutsche Bundesbank, TimelineOpens in a new tab's The euro's rates the ECB publishes every working day for information only, based on a concertation between central banks around 14:10 CET.Source: European Central Bank, Euro foreign exchange reference ratesOpens in a new tab for the koruna rarely differ. From January 5, 1999 they are within 0.1% of each other on 91.5% of the 6,965 days both have, with a median gap of 0.009%.Figures computed by FXtab from:Czech National Bank, Exchange Rates – Yearly HistoryOpens in a new tabEuropean Central Bank, Euro foreign exchange reference ratesOpens in a new tabGo to the list of sources FXtab shows the ECB's rate; for accounts, taxes and customs in the Czech Republic, the CNB's fixing is the one the law names. FXtab's Check a quote computes how far a rate you are offered is from the day's reference rate.
Sources
Figures as of September 25, 2026, computed by FXtab from these sources (Source: the CNB); the translation from Czech is FXtab's.