“The Czech central bank kept its main interest rate at a record low for a 15th meeting as risks of an extended economic recession overshadowed an inflation spike fueled by an increase in sales taxes.
Czech central bankers left the benchmark two-week repurchase rate at 0.75 percent, a quarter-point less than the European Central Bank’s main rate, which was in line with the forecasts of all 22 analysts in a Bloomberg survey. The bank, which has refrained from changing policy since May 2010, will hold a news conference at 2:30 p.m. in Prague.
The economy, exporting about 80 percent of its output, slid into a recession last year as government spending cuts outweighed demand abroad for Czech-made vehicles, car parts and electronics goods. Inflation (CZCPYOY) accelerated to the fastest pace in more than three years in February, driven by an increase in the value-added tax rate at the start of the year….”
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