National Bank unperturbed over fate of Czech crown after Cesky sale

29 Nov 2004

The governor of the Czech National Bank (CNB) Zdenek Tuma says he is unconvinced that the privatisation of national telecoms operator Cesky Telecom (CT) will have any impact on the trading rate of the local currency, the Czech crown. Rates have been firming up in recent days over fears that a sale of shares in CT on the open market will flood the country with foreign currency. According to Mr Tuma, the government has promised to take into consideration the domestic currency in the sale of its majority stake in the incumbent. The cabinet is meeting to discuss the sale on 1 December, with Swisscom, Telecom Austria, TDC and Goldman Sachs, Vodafone and Orange reported to be interested parties in the sale.

Czech Republic, O2 Czech Republic (incl. CETIN)