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Czech central bank sticks to crown easing policy
February 6, 2014 / 12:21 PM / 4 years ago

Czech central bank sticks to crown easing policy

PRAGUE, Feb 6 (Reuters) - The Czech central bank made no changes to monetary policy on Thursday, leaving in place its foreign exchange intervention regime launched in November last year to fight the threat of deflation.

The bank also said in a statement it kept the two-week repo rate at a record low of 0.05 percent.

The bank’s governing board decided on Nov. 7 to start intervening on the open market for the first time over a decade to weaken the crown.

On Thursday, the bank kept its commitment to maintain the crown currency close to a level of 27 crowns to the euro and reiterated that commitment was one-sided, meaning the crown can float freely on the weak side of the level.

The bank has said it expected to keep using the crown exchange rate as a policy tool until 2015.

Governor Miroslav Singer is due to hold a news conference at 1315 GMT. (Reporting by Jan Lopatka; Writing by Jason Hovet)

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