Investiční bankovnictví (Komerční banka)
Interest rates  |  March 28, 2013 16:20:00

CNB meeting yielded no surprises

Czech currency during the day as a result stagnated. Although during today's session on the interbank market attacked level 25.71 CZK / EUR at the end of business day, trading at around 25.78 CZK / EUR. Mild volatility of the Czech crown was caused by meeting the CNB.

Today's monetary meeting of the Czech National Bank did not bring any surprises. Key interest rate remained unchanged at 0.05%. Voted for this step all 7 central bankers. Governor M. Singer at a press conference that the bank is likely to keep interest rates at current levels for an extended period of time, until the inflationary pressures, the presence of CNB yet see.The central bank sees risks but toward "moderately relaxed monetary conditions" and downward risks to domestic economic activity, inflation and external developments. However, it is still likely that the central bank uses a tool exchange only if it appears deflationary risks.

Dealing with the Polish zloty was marked by a spirit of quiet around 4.18 PLN / EUR. The Hungarian forint was the only regional currency, which is now weakened, by 0.25% to 304.5 HUF / EUR. The Hungarian central bank under its new leadership reduced the forecast budget deficit to 2.9% of GDP for this year and next. The European Commission, however, predicts a deficit of 3.4% for both years. Today was published the Hungarian unemployment rate for February, which increased from 11.2% to 11.6%.Market expected to grow to 11.7%.

Tomorrow will be published only the final figure for the January Hungarian trade balance.

Czech swap yield curve today at 2-year swaps was unchanged at 10-year declined by 1.5 bb.

Author: Jana Malíčková

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