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Financial News: Czech Central Bank Raises Rates For Second Time

Czech Central Bank Raises Rates For Second Time

08/05/2021 - 12:26:00 (RTTNews)

(RTTNews) - The Czech central bank raised its key interest rate on Thursday for a second policy session in a row. The Bank Board decided to raise the the two-week repo rate by 25 basis points to 0.75 percent, the Czech National Bank said in a statement. That was in line with economists' expectations. The Lombard rate was raised by 50 basis points to 1.75 percent, while the discount rate was left unchanged at 0.05 percent.

On June 23, the bank raised its key interest rate for the first time in one-and-a-half years. The board had increased the two-week repo rate by 25 basis points to 0.50 percent. Four policymakers voted in favor of the latest hike decision. One member voted for increasing the two-week repo rate by 50 basis points, while two rate-setters voted for leaving rates unchanged. The bank said policymakers decided to raise the key rate further supported by the latest macroeconomic forecast, consistent with which there was a rise in market interest rates from the middle of this year onwards. "A monetary policy response is needed in view of the robust price pressures from the domestic economy and abroad."

"At this stage, a gradual tightening of monetary conditions will not jeopardise the recovery of the Czech economy from the pandemic and will reinforce the confidence of Czech economic agents in long-term price stability in our country," the bank said.

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