Czech Crown Emerges As Former Comecon's Hardest Currency

BANKS

The Czech crown is emerging as the hardest currency in the former Comecon countries, remaining relatively stable against the dollar and Deutsche mark, Prague-based bankers say.

Nevertheless, the nascent Czech forex market suffers from chronic administrative and technical problems. "The log-jam for a larger foreign exchange market here is that many banks have a problem evaluating their foreign exange position and cannot manage their exchange rate exposure," says Tomas Zraly, head of treasury a