Czech central bank has halted all exchange rates in the country, citing a record-low Czech currency value.
The Czech Central Bank said Friday that the country’s foreign exchange rate stood at 9.50 euros per U.S. dollar, down 4.5 percent since June 6.
The rate was at a three-month low of 9.55 euros per dollar in July and July 2016.
The previous record low was set in September 2015.
The Czech central currency was worth 5.90 euros on June 6, a record high.
The Central Bank’s decision was taken after the country was hit by an economic crisis in May, which has forced a sharp devaluation of the currency.
The currency has lost 40 percent of its value since the beginning of the year, according to data from the Czech National Bank.
The economy has also shrunk by about 10 percent in the last two years.