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Czech Republic: CNB delivers expected 50bp rate cut
Wed, Dec 17 2008, 13:51 GMT
by Stanislava Pravdova
The Czech Central bank (CNB) has lowered its key policy rate by 50 basis points, bringing it down to 2.25%. This was completely in line with our and consensus expectations, though some market participants had been speculated about a larger rate cut due to yesterday's very aggressive FED cut. The Czech koruna (CZK), among other CEE currencies, had been under a lot of pressure since yesterday, awaiting the CNB's decision to slash the key policy rate by 50bp, and anticipating that other central banks in the region are ready to take the action and ease monetary conditions as well (i.e. the Polish and Hungarian central banks which are holding the regular monetary meeting next week).
Published on Wed, Dec 17 2008, 13:52 GMT
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