Czech central bank raises key interest rate by 25 basis points to 3.25 pct |
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Published
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Thu, 30 Aug 2007 11:53
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PRAGUE (Thomson Financial) - The Czech central bank (CNB) raised its main interest rate today by 25 basis points to 3.25 pct as it continues a rate tightening campaign aimed at cooling consumer spending and putting the brakes on inflation.The market was split over whether the central bank would hike the main rate today but a tight majority expected it to take a breather after two rises in interest rates so far this year that had brought the main borrowing rate to 3 pct.July inflation stood at 2.3 pct, below market forecasts as well as below central bank's projection of 2.5 pct.The bank targets inflation at 3 pct with a tolerance band of 1 pct either side of the target.Most analysts had expected borrowing costs in the Czech Republic to rise once more this year but saw the hike between September and November.jana.mlcochova@thomson.com +420 222 191 108jm1/cm2/jm1/tcCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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