Czech crown drops 1.6% to euro after news on central bank chief pick

PRAGUE – The Czech crown dropped by 1.6% to the euro on Friday afternoon after news that board member Ales Michl was expected to become new central bank governor.

A Prague trader said the drop was also driven by risk-off mood before the weekend and uncertainty over possible developments in Russia’s invasion of Ukraine ahead of Monday’s May 9 parade in Moscow.

The crown traded at 24.950 per euro, weakest since March 14, at 1340 GMT, from European close at 24.55 on Thursday.