Eastern European Forex Market - Need your thoughts

Hi everyone,

I've been into Forex market for a while already. Dollar's behavior against major currencies has been pretty interesting lately. It has ups and downs. However, forex market in Eastern Europe has gone wild. Several currencies dropped by around 30-50% in the last 2 years. The countries have been doing very bad and economies are in decline. The interesting thing is that those currencies went up by couple of %s last week and the national banks tried to weaken them right away. Even though they failed to do so, they keep buying US Dollars to keep their currencies lower.

I bought a significant amount of one of the Eastern European currencies. It is already up 21% since then.

Any thoughts why national banks so desperately try to weaken currencies, or where would it go in the next couple of months?!

P.S Couple of mid-size Eastern European commercial banks offer up to 9.50% interest rate on deposits.

Thank you in advance for your thoughts!