Czech MPC keeps policy unchanged, but hints at loosening

Having kept its two-week repo rate unchanged at 0.05% and maintained its exchange rate ceiling of 27/€ earlier today, the Czech MPC’s accompanying statement struck a markedly dovish note. As a result, we are sticking to our forecast that monetary conditions will be loosened further via a shift in the exchange rate ceiling to a weaker level, perhaps of 29/€, over the coming months.

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