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- The Czech central bank held its key interest rate steady
The Czech central bank held its key interest rate steady
The Czech central bank held its key interest rate steady on Thursday, and reaffirmed its currency ceiling.
The Czech National Bank Board held the two-week repo rate at 0.05 percent, in line with economists' expectations. The discount rate was kept at 0.05 percent and the lombard rate at 0.25 percent.
The board also decided to continue using the exchange rate as an additional instrument for easing the monetary conditions.
Policymakers also reaffirmed the bank's commitment to intervene on the foreign exchange market, if needed, to weaken the koruna so that the exchange rate of the koruna against the euro is kept close to CZK 27/EUR.
"This exchange rate commitment is one-sided," the CNB said in a statement.
"This means the CNB will not allow the koruna to appreciate to levels it would no longer be possible to interpret as "close to CZK 27/EUR"."
In the previous session held late June, the bank had said that the exchange rate ceiling will not be discontinued before 2017 - via RTT.
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