Czech National Bank

Czech National Bank

May 3, 2018

The Czech two-week central bank repo rate was left unchanged at 0.75% by a six to one vote and will continue to be flanked by a 0.05% deposit rate and a 1.50% Lombard rate. The lone dissenting vote favored a 25-basis point hike in the 2-week repo to 1.0%. Policy normalization began exactly one year […] More

Czech National Bank

March 29, 2018

Czech monetary policy underwent important modifications in 2017. At an extraordinary session on April 6, officials ended a 3-1/2 year experiment with an asymmetric exchange rate target to prevent the koruna with automatic intervention from strengthening past the 27 per euro level. The use of intervention as a discretionary policy tool was retained. Then on […] More

Czech National Bank Raises its Interest Rates a Third Time

February 1, 2018

Following earlier increases of 20 basis points last August and 25 bps in November, the Czech two-week repo rate has been increased another 25 basis  points to 0.75%. The Lombard rate becomes 1.50% versus 0.25% prior to last August, while the 0.05% discount rate hasn’t changed all this time. A released statement anticipates some further […] More

Czech National Bank

December 21, 2017

The CNB by a 5-2 margin voted to retain the interest rate structure, with a main 2-week repo rate of 0.50% flanked by a 0.05% discount rate and a 1.0% Lombard rate. There had previously been increases in the repo rate of 25 basis points in early November and 20 bps last August, and the […] More

Czech National Bank Raises Interest Rates

November 2, 2017

The Czech National Bank’s first interest rate change was enacted in early August when the 2-week repo rate and Lombard rate were increased 20 basis points and 25 bps  to 0.25% and 0.50%, respectively. A second round of rate hikes was enacted today. The 2-week repo rate is being doubled to 0.5%, and the Lombard […] More

Czech National Bank

September 27, 2017

Monetary officials kept their 2-week repo rate at 0.25% at today’s policy review after having broken a streak dating back to November 2012 when such had been pinned at 0.05%. A ceiling on the koruna at 26.0 per euro, which was introduced in November 2013, was lifted back in April, but authorities reserve the right […] More

Czech National Bank

August 3, 2017

Although anticipated by market participants, the Czech National Bank raised interest rates today for the first time since February 2008. Monetary officials four months ago had stopped using automatic intervention to prevent the koruna from appreciating beyond 26.0 per euro. Intervention still occurs but not in a prescribed automatic and unlimited way. The Bank’s two […] More

Czech National Bank Policy Unchanged at Latest Meeting

June 29, 2017

The central bank’s key two-week repo rate has been at 0.05% since November 2012, but an asymmetric foreign exchange policy that prevented the koruna from strengthening beyond 27 per euro in the period from November 2013 was ended this past April 6. A statement after the latest CNB policy review is upbeat about growth prospects […] More

Czech National Bank

May 4, 2017

The two-week repo rate, which is the Czech National Bank’s main policy instrument now that a cap on koruna appreciation beyond 27.0 per euro has been lifted as of four weeks ago, was held steady by a unanimous vote today. It’s been at 0.05% since a cut in November 2012. According to a released statement, […] More

Czech National Bank Policy Stays Same by Unanimous Vote

March 30, 2017

The CNB Board kept its 2-week repo rate at 0.05%, the level since November 2012, and voted to maintain its asymmetric exchange rate policy that since being imposed in November 2013 has utilized intervention when necessary to prevent the koruna from strengthening beyond 27 per euro. That hard commitment is slated to expire in three […] More

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