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Czech News in English » Business » Finance » Czech banks made more this year, ČNB rate hike expected

Czech banks made more this year, ČNB rate hike expected

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According to data released by the Czech National Bank (CNB), banks and other savings institutions saw a CZK 300 million increase in overall profit to CZK 43.9 billion, in the first half of this year. This is largely due to the successive interest rate hikes the CNB enacted.

A number of economists in the country believe that the CNB will hike the interest rate again at its meeting on Wednesday by another 1/4th percentile to 1.5%. This is in response to the solid economic situation in the country, growing inflation and low unemployment.

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