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ČNB expects a termination of the intervention regime in 1H 2017

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The board of the Czech National Bank (CNB) decided to continue to use the foreign exchange rate as a tool for loosening the currency conditions on February 4, 2016 and confirmed its commitment to intervene if needed for weakening the koruna, so as to maintain the rate near CZK 27/EUR. According to a CNB prognosis, maintainable fulfilment of the 2% inflation target, which is a condition for return to the standard regime of currency policy, will take place in 1H 2017. CNB board has also decided to keep the interest rates on the current level. The two-week repo rate remains at 0.05 %, the discount rate at 0.05 % and the Lombard rate at 0.25 %.

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