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Financial News: Czech Central Bank Lifts Key Rates

Czech Central Bank Lifts Key Rates

06/27/2018 - 07:22:00 (RTTNews)

(RTTNews) - The Czech central bank hiked its key rate for the second time this year, on Wednesday.

The board of the Czech National Bank raised the two-week repo rate by 25 basis points to 1 percent. The bank had previously lifted it in February by a quarter point.

The Lombard rate was raised by 50 basis points to 2 percent, while the discount rate was kept unchanged at 0.05 percent.

The new interest rate levels will come into effect on June 28.

The CNB had abandoned a three-and-a-half-year long ceiling on the appreciation of the koruna in April last year.

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

Liam Carson, an economist at Capital Economics, expects one more hike in the policy rate this year, taking it to 1.25 percent by the end of 2018.

The economist forecast inflation to rise further above the central bank's 2 percent target in coming months. Carson noted that the koruna weakened in recent months, providing the MPC with more room to tighten policy.

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