Czech National Bank

Czech National Bank Meeting Keeps Present Policy Stance

August 4, 2016

The decision to leave Czech monetary policy settings had been expected.  The two-week repo rate has been 0.05%, effectively zero in functionality terms, since November 2012, and a one-sided intervention-enforced foreign exchange cap on koruna strength at 27 per dollar was imposed as an extra tool one year later.  According to a newly updated forecast, monetary policy-relevant […] More

Czech National Bank Policy Left the Same

June 30, 2016

The decision to leave Czech monetary policy settings had been expected.  The two-week repo rate has been 0.05%, effectively zero in functionality terms, since November 2012, and an asymmetric intervention-enforced foreign exchange cap on koruna strength at 27 per dollar was imposed as an extra tool one year later.  Officials released this brief statement. Copyright […] More

Czech National Bank

February 4, 2016

Following the central bank Board’s latest meeting, officials released a statement retaining existing policy settings, which was the result that markets anticipated.  The two-week repo rate has been at 0.05% since November 2012, and an asymmetric exchange rate policy that uses intervention to prevent the koruna from appreciating beyond 27 per euro was introduced in […] More

Czech National Bank Policy Left Unchanged

December 16, 2015

A statement released after the final Czech monetary policy meeting of 2015 confirmed the policy settings remain as is.  The interest rate structure since November 2012 has been 0.05% for the two-week repo rate and discount rate, and the Lombard rate has been 0.25%.  Since November 2013, intervention has been utilized to enforce an asymmetric […] More

Czech National Bank

November 5, 2015

Central bank officials decided to keep their stimulative monetary policy unchanged at the latest review and released a statement that rehashes the two elements of the stance.  The two-week repo rate has been at 0.05%, a virtual zero interest rate stance, since November 2012.  Since November 2013, moreover, intervention has been used to prevent the […] More

Czech Monetary Authorities Plan No Tightening of Ultra-Accommodative States Before 2H16

September 24, 2015

A statement after the latest policy review by officials at the Czech National Bank speaks of better-than-anticipated Czech domestic growth but doesn’t back away from forward guidance of a continuing very easy stance persisting into the second half of next year.  The policy combines a “technical” interest rate, which is really 0.05% with a koruna […] More

Czech National Bank More Upbeat Regarding Economic Trends but No Change in Policy

June 25, 2015

The latest CNB Board’s policy statement conveys three messages: The Czech economy is experiencing stronger growth and faces a reduced deflationary risk. Board members voted unanimously not to change monetary policy settings. The commitment not to tighten policy settings before the second half of 2016 remains intact. The Czech interest rate has been at 0.05% […] More

Accommodative Czech Monetary Policy to be Retained through 2016

May 7, 2015

There are two elements to this policy.  First, a technical zero interest rate policy has been in place since the central bank’s two-week repo rate was cut by 20 basis points to 0.05% at the beginning of November 2012.  This level will be retained until late 2016 at least, that is the end of the […] More

Dovish Czech Monetary Policy Statement

March 26, 2015

the latest policy meeting ended with Czech monetary officials retaining a technical zero interest rate policy attested by the 0.05% two-week repo rate, as well as an asymmetric currency policy to prevent koruna appreciation beyond 27 per euro with automatic unlimited intervention.  A very dovish statement commits to maintaining the currency cap throughout the forecast […] More

A Dovish Statement from the Czech National Bank

February 5, 2015

Czech National Bank officials decided unanimously to retain a virtual zero interest rate policy (0.05% to be precise) and an exchange rate policy that is using intervention as needed to asymmetrically prevent the koruna from appreciating beyond 27 per euro.  Moreover, “The Czech National Bank stands ready to move the level of the exchange rate […] More

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