Staying With CEE FX

November 2004 | Market Strategy

Despite the recent moves in EUR/US$, CEE currencies have held up remarkably well. Across the region, the fundamental story remains strong. Economic expansion is outpacing the sluggish growth in the eurozone, the convergence programmes agreed with the European Union are providing a policy anchor and investment flows are impressive. With regional stock markets booming, there has been some amount of excitement over the privatisation of Poland's Bank PKO. Furthermore, the IPO pipelines are continuing to grow, with the Czech Republic still considering whether to float its US$2bn 51% stake in Cesky Telecom. There has also been increasing speculation over secondary

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