Industrial production declined 11.9% year-on-year in working-day adjusted terms in June, which followed May’s 25.7% collapse. PRAGUE, Aug 6 (Reuters) - The Czech National Bank kept interest rates unchanged on Thursday and signalled they were likely to stay on hold until at least mid-2021 after a …
The vote was unanimous. The central bank has slashed its main rate by 200 basis points since the pandemic hit Europe in March and pushed economies into lockdown. The board of the CNB cut its main interest rate by 0.75% at its meeting on Thursday. The economic sentiment indicator, published by the Czech Statistical Office (CSO), edged up to 87.0 in August (July: 86.7). Inflation, though, was at a headline rate of 3.3% in June, outside the bank’s target range of 1-3%. Charles du Parc March 28, 2020 Czech National Bank (CNB) Slashes Interest Rates For The Second Time In Ten Days 2020-03-28T11:49:18+01:00 Business, Czech Republic 45 The board of the CNB cut its main interest rate by 0.75% at its meeting on Thursday. In addition, the CNB left the Lombard and discount rate unchanged at 1.00% and 0.05%, respectively.FocusEconomics Consensus Forecast panelists see the two-week repo rate ending 2020 at 0.17% and 2021 at 0.26%.5 years of economic forecasts for more than 30 economic indicators.Get a sample report showing our regional, country and commodities data and analysis. At its 6 August meeting, the board of the Czech National Bank (CNB) unanimously decided to keep the two-week repo rate stable at 0.25%, coming in line with market expectations and marking the second consecutive hold. 6 board members backed this while one voted to raise rates by 0.25 basis points.
The manufacturing Purchasing Managers’ Index (PMI), produced by IHS Markit, increased from 47.0 in July to 49.1 in August, marking the best reading since December 2018. Start working with the reports used by the world’s major financial institutions, multinational enterprises & government agencies now. The Czech economy contracted a record 10.7% year-on-year in the second quarter, slightly milder than expected.
At the same time, it lowered the Lombard rate to 1.00%. The bank’s updated macroeconomic forecast saw inflation remaining outside that range until the beginning of next year before falling close to the mid-point target of 2% in the monetary policy horizon. Brno, Feb 10 (BD) – Almost all the analysts and commentators had expected no change at the moment. Czech Republic - Interest Rate CNB stays put again in August. The board of the Czech National Bank (ČNB) on Wednesday voted to keep interest rates at their current level. Jakub Seidler. New forecasts see rate stability until mid-2021 and then a modest increase . The government, now with more control over the central bank, lowered interest rates and devalued the currency, the Koruna. This surprised the markets and the Czech Koruna strengthened significantly. Subscribe to THINK. With inflation staying stubbornly elevated even amid a record hit to the economy, the central bank has paused on rates pending an economy recovery that bank forecasts on Thursday showed could be slower than previously expected. It also forecast a slightly deeper 8.2% economic contraction in 2020 before a return to growth of 3.5% next year, half a percentage point slower than before. It also made a clear statement of its willingness to take further steps to maintain financial stability in light of the negative outlook for the economy. Deposit Interest Rate in Czech Republic averaged 3.21 percent from 1993 until 2020, reaching an all time high of 13 percent in May of 1997 and a record low of 0.05 percent in November of 2012. * Central bank votes unanimously to leave main rate at 0.25% * Says new forecasts consistent with rate stability until mid-2021 * Forecasts economy shrinking 8.2% in 2020, rebound seen slower * Updated forecasts: (Updates throughout with central bank comments, outlook) PRAGUE, Aug 6 (Reuters) - The Czech National Bank kept interest rates unchanged on Thursday and signalled they were likely to stay on hold until at least mid-2021 after a series of deep cuts to borrowing costs to try to limit the coronavirus pandemic’s economic fallout. Click on the button below to get started.
“In the context of the macroeconomic situation, I can hardly imagine (raising rates), definitely not before the middle of the next year,” he told reporters.
Governor Jiri Rusnok reiterated that a recent inflation spike was temporary and it was hard to see a return to tightening policy before the middle of next year. The business confidence index continued to rise in August, coming at 85.5, up from July’s 84.7 reading. Author. The seven-member board on Thursday voted unanimously to leave the key two-week repo rate at 0.25%, as forecast in a Reuters poll this week as markets have also shifted to expectations of steady rates.
Photo credit: Zenon Mo Consumer prices ticked up 0.45% over the last month in July, a softer increase than June’s 0.63% rise. Despite the spike last month, inflation is expected to be within the 2% tolerance band. The new outlook expected the crown to continue firming and the bank said its current development was among risks and uncertainties to the overall forecasts. The new CNB forecast . Indeed some such as ING were looking to May for the earliest … The currency rallied this week to its highest since mid-March but retreated on Thursday, losing 0.5% to 26.22 to the euro by 1435 GMT.
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(Reporting by Robert Muller and Jason Hovet; editing by Philippa Fletcher)
The Czech National Bank (CNB) keeps rates unchanged, as broadly expected. The discount rate remained unchanged at 0.05%. GDP plunged a revised 11.0% year-on-year in Q2 (previously reported: -10.7% yoy), coming in well below the 1.9% contraction seen in the first quarter and marking the worst reading on record, as the full impact of the Covid-19 health crisis took its toll on activity. Photo credit: ZM / Brno Daily. Share. “The CNB surprised the market today by delivering a 75bp cut vs 50bp expected. The new interest rate levels come into effect on May 11, 2020.
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