TNBiz (TNBiz)
Macroeconomics  |  August 02, 2012 13:10:05

CNB kept the key interest rate at 0.5 percent


PRAGUE (MEDIAFAX) - Bank Board of the Czech National Bank (CNB) at its meeting on Thursday, leaving the basic two-week repo rate to a record low of 0.5 percent. CNB informed about it via their official website, did not participate in negotiations with CNB Governor Miroslav Singer.

The discount rate remains at 0.25 percent and the Lombard rate to 1.5 percent.

The reduction in the standard two-week repo rate to 0.5 percent of the CNB Council decided at its previous meeting on 28 June in the ratio 4:3. For this decision board members voted: Miroslav Singer, Mojmir Hampl, Vladimir Tomsik and Lubomir licked. Three members voted to leave interest rates unchanged: Kamil Janacek, Pavel Rezabek and Eva Zamrazilová.

From 8 CNB in ??February 2008 slashed its key interest rate from 3.75 percent at that time in nine steps by 325 basis points at present, a record low, the level of 0.5 percent. A rate cut at the current level of CNB decided after seventeen previous meetings (from 6 May 2010), when rates stood at 0.75 percent the previous level. In contrast, the last increase (by 0.25 percentage point), the seventh resolved February 2008.

Repo rate is the basic monetary policy interest rate on CNB are remunerated by commercial banks excess liquidity withdrawn by the CNB two-week repo tenders. The discount rate is usually lower limit for short-term interest rates in the money market. CNB interest rate it uses to excess liquidity, the banks with the CNB imposed overnight. The Lombard rate is the contrary, the upper limit for this movement.

Czech National Bank is the central bank of the Czech Republic and the supervisor of the financial market. CNB's main objective is to maintain price stability. Inter alia, the CNB's monetary policy, issues banknotes and coins and manages the circulation.

Jan Soukup, soukupj@mediafax.cz

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