Czech National Bank Slowly Bumps Up Interest Rate

Posted on 06/27/2021

Revealed on June 23, 2021,the Czech National Bank embarked on its first interest rate hike since early 2020. The central bank seeks to calm down inflationary pressures.

The 7-Member Board of Czech National Bank agreed to increase its key two-week repo rate by 25 basis points to 0.50%. Governor Jiri Rusnok believes the central bank will be entering a tightening phase.

Four members of the bank’s seven-seat board voted for the rise, while one wanted a bigger 50-basis-point hike and two others wanted no change.

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