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PRAGUE, July 1 (Reuters) - The Czech crown currency rate is assisting the economy as it is substantially below record highs last year and close to levels seen in late 2008, central bank chief Zdenek Tuma said on Wednesday. The crown hit 25.751 to the euro on Wednesday, the highest level since mid-December, but was still weaker than in most of the fourth quarter. 'Definitely the Czech economy is, from the currency point of view, under significantly lower pressure (than last year),' Tuma told a news conference. 'In this respect the Czech crown certainly contributes to the Czech economy's adjustment to the shock,' he said. Some economists have said the crown's recent strength could slow an expected economic recovery as many believe the central European export-reliant economy is past the worst decline and could pick up next year.... [read full story]
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