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Financial News: Czech CB Raises Key Rate For Third Time

Czech CB Raises Key Rate For Third Time This Year

08/02/2018 - 08:20:00 (RTTNews)

(RTTNews) - The Czech central bank hiked its key interest rate for a third time this year on inflationary concerns.

The Bank Board of the Czech National Bank raised the benchmark 2-week repo rate by 25 basis points to 1.25 percent.

The bank raised the key interest rate by a quarter-point each in June and February.

The Lombard rate was raised by 25 basis points to 2.25 percent, while the discount rate by 20 basis points to 0.25 percent.

The new interest rates will take effect on August 3.

Wages grew at the fastest pace in a decade in the first quarter and inflation is above the central bank's target of 2 percent.

Capital Economics expects inflation to climb higher over the coming months. Liam Carson, economist at the firm, said more monetary tightening is on the cards.

"We expect that the policy interest rate will be hiked to 2.00 percent by the end of 2019," the economist said. "The markets see it ending next year at 1.75 percent."

The CNB Governor Jiri Rusnok is set to hold a press conference later on Thursday.

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