Thanks in large part to due to media attention from Honest Guide, last year Prague shut down an unscrupulous exchange office on Old Town Square that was giving its customers drastically reduced rates.
Citing both uncompetitively low rents and a need to protect customers from dishonest business practices, Prague City Hall has today cancelled the rental agreements with five exchange offices in the city center, reports Aktualne.cz.
The average rent in that area, according to realtors Cushman Wakefield, is nearly double that price at 71,590 crowns per square meter per year.
According to Prague city councillor Jan Chabr, the goal is not only to make the rents at these locations economically viable, but also end dishonest business practices that have long been a stain on the Czech capital.
The development comes under a new Prague city government led by Pirate Party Mayor Zdeněk Hřib. The city is also plans to do a complete analysis of city center lease contracts, focusing on both rental prices and business operations.