Mediafax (Mediafax)
Markets  |  October 26, 2012 12:55:06

CNB Bank Board will vote on the rates, attend all seven members of the Board


PRAGUE (MEDIAFAX) - The seven members of the Bank Board of the Czech National Bank (CNB) will participate in monetary policy meeting, in which the first November vote will take place on interest rates. At present, the basic two-week repo rate at its historically lowest level of 0.25 percent, reported on Friday CNB.

"I estimate that rates will remain at the same level set by the Czech National Bank at its last meeting, that is, to 0.25 percent. Regarding possible changes will be more discussion about whether the lower rates further, or leave them at the present value , "said the agency's chief economist Mediafax Cyrrus Marek Hatlapatka.

"At the next meeting of the Czech National Bank are two scenarios in the game. Rates either remain at current levels, or CNB is still reduced., In this case by the comments the central bank repo could drop to zero.In our first option is more likely, a stagnation rate to 0.25 percent, "said an analyst at GE Money Bank Petr Gapko that the CNB is likely for now awaiting further data from the Czech economy.

CNB Governor Miroslav Singer had previously heard that any rate cut to zero should not be a technical or legal issue.

Repo rate is the basic monetary policy interest rate of the CNB, which are remunerated excess liquidity of commercial banks through so withdrawn CNB two-week repo tenders. Reduce it to 0.25 percent chose the CNB Bank Board members at its meeting on 27 September.

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

Jan Soukup, soukupj@mediafax.cz

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