Central Bank confirms exchange rate commitment

The Czech National Bank Board on Thursday confirmed its commitment to continue with forex interventions if needed to weaken the crown with the aim of maintaining an exchange rate of 27crowns per euro. The forex interventions as an instrument for easing the monetary conditions are not expected to let up until the second half of 2017. Interest rates remain unchanged. The two-week repo rate will be maintained at 0.05%, the discount rate at 0.05% and the Lombard rate at 0.25%.