Final Word from Wednesday, November 21, 2018

The foreign reserves of a central bank pass through several hands in the process of being converted, invested and reconverted. Thanks mainly to the 41-month creeping devaluation of the crown, the Czech National Bank now has $141.5bn in international reserves, which is a nice little pile of money. Certainly enough to attract the attention of some of the Czech oligarchs who made their "first million" (or more) in ways that they, like Henry Ford before them, would rather not discuss. Outgoing Vice Gov. Mojmír Hampl issued a stern warning yesterday in HN about any attempt to "play around" with the CNB's foreign reserves. These assets should not be managed in a way that causes someone to have the feeling that there was dirty dealing taking place, he said. Never, he said ominously, has there been a suspicion of dishonest or unfair practices in the management of the CNB's foreign reserves. We in fact hinted at this a year ago and were promptly condemned by some of our readers for suggesting a criminal conspiracy at the CNB. Now Hampl has done the same thing in an official capacity. [ Czech Republic Great Devaluation of the Czech Crown ]

Glossary of difficult words

to convert - (in this sense) to change from one currency to another;

Henry Ford - he reportedly said, “I am ready to account for any day in my life, but don't ask me how I made my first million.";

stern - (of an act or statement) strict and severe;

ominously - in a way that suggests that something bad is going to happen.

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