Czech National Bank leaves two-week repo rate unchanged at ¾%

By Richard Connell

New York, June 23 - The board of the Czech National Bank left its two-week repo rate unchanged at ¾% at its meeting on Wednesday, according to a news release issued by the bank.

While the Czech economy showed growth of 1.1% on a year-over-year basis in the first quarter of 2010, this was lower than the original forecast of 1.8%.

The board also noted that while the growth of industrial production in April of 10.9% showed an increase in economic activity, the decline of retail trade by 4½% was in line with expected weak domestic consumption.

Inflation stood at 1.2% for May, and looking forward the board anticipates it remaining close to the 2% inflation target for the current monetary policy horizon.

Deeming the risks to the inflation forecast to be balanced, the board left the interest rate at ¾%.

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