Before the first crisis struck in 2007, the Czech National Bank invested the majority of its foreign exchange reserves into US assets. Currently German assets have taken over, with the CNB increasing the proportion of German assets to 29 percent, or CZK 283bn. U.S. follows with CZK 177bn, according to the economic website e15. The Czech National Bank is also offloading high risk assets from its foreign exchange reserves, and has reduced its exposure to the PIIGS countries from CZK 143 bn in 2009 to just 12bn in 2011. The bank claims to have no investments in Greek financial instruments, having been at CZK 14.8bn in 2009.
