Czech central bank's FX reserves drop to 144.7 bln euros in July as interventions continue

PRAGUE, Aug 9 (Reuters) - The Czech National Bank's foreign exchange reserves declined to 144.66 billion euros ($147.60 billion) at the end of July from a revised 148.89 billion euros in June, the central bank said on Tuesday.

The central bank has been intervening in the foreign exchange market since mid-May, selling euros to prevent the crown EURCZK= from what the bank considers excessive weakening. A weaker crown would exacerbate inflation pressures via higher import prices.

In June, the central bank sold 7.1 billion euros in spot transactions, compared to 3.5 billion euros in May, the bank's data showed. The bank publishes data on market operations a month later than overall foreign currency reserves figures. ($1 = 0.9801 euros)
Reporting by Robert Muller; Editing by Jan Lopatka

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