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ČNB holds rates after tight vote, crown firms

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The Czech central bank narrowly voted against cutting interest rates on Thursday after a weakening of the crown in the past weeks and new forecasts showed higher inflation and growth next year. ‘The bank’s decision most likely reflects signals that the global economy started to recover,’ said Radomír Jáč, chief analyst at Generali PPF Asset Management. ČNB raised the 2010 growth forecast to 1.4% from 0.7%, but said that growth would weaken in the course of the year.

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