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Financial News: Czech Central Bank Keeps Rates Unchanged

Czech Central Bank Keeps Rates Unchanged

03/30/2017 - 07:14:00 (RTTNews)

(RTTNews) - The Czech central bank decided to keep its key interest rate unchanged and confirmed its exchange rate commitment on Thursday.

The Czech National Bank Board left the benchmark two-week repo rate unchanged at 0.05 percent. The discount rate was held retained at 0.05 percent and the lombard rate at 0.25 percent.

The board also decided to continue using the exchange rate as an additional instrument for easing the monetary conditions.

The bank reaffirmed its commitment to intervene on the foreign exchange market if needed to weaken the koruna so that the exchange rate of the koruna against the euro is kept close to CZK 27/EUR. "This exchange rate commitment is one-sided," the bank reiterated. This means the CNB will not allow the koruna to appreciate to levels it would no longer be possible to interpret as "close to CZK 27/EUR".

So far, the MPC has not given much away about the timing of the exit, Liam Carson, an emerging Europe economist at Capital Economics, said.

The economist said he has argued for some time that the scheduled MPC meeting on May 4 is the most likely date, a view to which the consensus seems to be coming round to.

However, there is growing talk that the cap could be lifted at an interim weekly board meeting, or even an emergency meeting, the economist said.

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