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CZECHIA: CNB Raises Minimum Reserve Requirement Ratio

CZECHIA
EM BulletBulletGlobalEmerging Market NewsCentral and Eastern EuropeRegionCzechia
  • Headline inflation in Czechia accelerated to +2.6% Y/Y in September from +2.2% prior, exceeding the consensus forecast of +2.4% and the CNB's forecast of +2.3%. The central bank pointed to "stronger growth in prices of food, beverages and tobacco and, to a lesser extent, to slightly faster growth in administered prices." At the same time, however, core inflation was marginally lower than pencilled in by the central bank.
  • The Bank Board yesterday decided to change the minimum reserve requirement, doubling the rate to 4% from 2%, except for repo liabilities. The new rate will take effect on January 2, that is on the first day of the new reserve maintenance cycle. The CNB said that it "took this step to lower the cost of implementing monetary policy while preserving its effectiveness."
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  • Headline inflation in Czechia accelerated to +2.6% Y/Y in September from +2.2% prior, exceeding the consensus forecast of +2.4% and the CNB's forecast of +2.3%. The central bank pointed to "stronger growth in prices of food, beverages and tobacco and, to a lesser extent, to slightly faster growth in administered prices." At the same time, however, core inflation was marginally lower than pencilled in by the central bank.
  • The Bank Board yesterday decided to change the minimum reserve requirement, doubling the rate to 4% from 2%, except for repo liabilities. The new rate will take effect on January 2, that is on the first day of the new reserve maintenance cycle. The CNB said that it "took this step to lower the cost of implementing monetary policy while preserving its effectiveness."