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Ailing Czech industry.
(From Business and Finance)
Having increased in value by nearly 14% since the start of the year, the Czech koruna in that time would have got any investor returns amounting to double what they would have made in gold. While this has been good news for Czech consumers who have been enjoying cheap foreign holidays and even cheaper imported electronic appliances, the surging currency is now beginning to hurt Czech industry, which is heavily reliant on exporting to the euro zone.
Many companies such as local musical instrument manufacturer Amati Denalc have had to take drastic action to try and weather the storm. Amati has already shut down two of its production plants and made 160 of its 460 employees redundant. "It's a desperate situation," said financial manager Jiri Stipek. "We have reduced all possible costs and we are still losing millions".
Head of the Czech Exporters Association Jiri Grund has described the koruna's robust performance on currency markets as ...
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