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Market Update: Czech Republic Hikes Key Rates as Expected
The Czech National Bank raised its benchmark two-week repo rate by 25 basis points to 0.50% on June 23rd of 2021, as expected. It was the first tightening move from the CNB Board since February of 2020, as headline inflation hovered the upper limit of the central banks 1% – 3% tolerance range in the previous two months. In May, consumer prices advanced 2.9% from a year earlier, mostly due to prices of automobiles, auto fuels and lubricants. Policymakers have said they aimed at preventing global factors, such as supply chain issues and commodity prices, from pushing headline inflation rates above the upper limit of its tolerance band. The Lombard rate was also raised by 25 bps to 1.25%, while the discount rate was left unchanged at 0.05%. source: Czech National Bank [/s2If]
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