Czech National Bank Leaves Policy Rate Unchanged for Second Meeting in a Row
September 29, 2022
The Czech National Bank had raised its two-week repo rate at every scheduled policy review between June 2021 and June 2022. Before doing this, the rate had been pinned at 0.25% since May 2020, and CPI inflation had been at 2.9% when rate normalization began. The string of rate increases was interrupted at the August policy meeting, and today an unchanged 7.0% rate level was again announced. CPI inflation in July had been at 17.5%, most since the end of 1993, but such ticked lower for the first time since mid-2021 to 17.2% in August. Still, the inflation-adjusted repo rate level remains very negative.
Copyright 2022, Larry Greenberg. All rights reserved. No secondary distribution without express permission.
Tags: Czech National Bank
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