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ČNB: Negative rates are not a suitable tool

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Negative rates are not suitable for relaxing monetary conditions or for directly influencing inflation. This opinion was held by the majority at the Czech National Bank (ČNB) Board session which took place on March 31, 2016. According to the board negative rates can be useful when anticipating or implementing appreciation pressures on the crown due to the interest differential between the Czech Republic and the euro area. But similar pressures are not seen yet and negative rates will not be applied automatically even if they do occur.


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