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Koruna Weakens as Monetary Accommodation Persists

May 7, 2014 at 18:18 by Vladimir Vyun

František Palacký on 1,000-koruna noteThe Czech koruna fell today after the central bank kept interest rates unchanged and signaled that it will not drop its accommodative policy anytime soon. The bank also kept the cap on the currency.

The Czech National Bank maintained interest rates the same, keeping the benchmark two-week repo rate at 0.05 percent. The central bank also kept the cap on the exchange rate that was introduced last year. Governor Miroslav Singer said after the decision that the current inflation pressure is not enough to warrant earlier stimulus exit.

USD/CZK was up from 19.6955 to 19.7095 as of 18:15 GMT today.

If you have any questions, comments or opinions regarding the Czech Koruna, feel free to post them using the commentary form below.

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