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Financial News: Czech Central Bank Hikes Rate Again

Czech Central Bank Hikes Rate Again

11/04/2021 - 13:13:00 (RTTNews)

(RTTNews) - The Czech central bank raised its key interest rate further and the increase was more than expected, citing the outlook for higher inflationary pressures and slower growth in the coming months.

The bank board decided to raise the two-week repo rate by 125 basis points to 2.75 percent, the Czech National Bank said in a statement on Thursday. "This forceful interest rate increase aims to return inflation close to the target at the monetary policy horizon, i.e. 12-18 months ahead, and to support the anchoring of firms' and households' inflation expectations," the bank said.

"These expectations have recently been faced with significantly elevated inflation and the Czech National Bank does not intend to allow them to become more significantly unanchored from the 2.00 percent target." Economists had forecast an increase to 2.00 percent.

"The Bank Board is ready to continue increasing interest rates in line with the autumn forecast," the central bank added. The previous change in the key interest rate was a 75 basis points hike late September. Policymakers also increased the discount rate to 1.75 percent and the Lombard rate to 3.75 percent.

Five members voted in favor of the latest hike in interest rates and two members voted for leaving them unchanged.

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