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Czech consumer-price inflation was slower than the central bank’s target for a third month in March as policy makers debate whether to stimulate the recession-hit economy by weakening the koruna.
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The koruna weakened as Czech inflation stayed below the central bank’s target for a third month, fueling speculation on whether policy makers will try to stimulate the economy by weakening the currency.
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One year after the death of former Czech President Vaclav Havel, a global icon in fighting dictatorship, his persecutors’ political heirs have national power in their sight for the first time since 1989.
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The Czech central bank damped expectations it will sell the currency for the first time in a decade to battle a recession after policy makers kept interest rates at effectively zero for a second meeting.
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The Czech economy shrank for a third consecutive three-month period from July to September, one quarter short of matching the longest decline on record as government austerity measures damped domestic demand.
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The koruna rebounded from trading close to its weakest level in six months as better-than-expected retail sales data eased pressure on the Czech central bank to sell the currency.
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The Czech central bank board voted 4- 3 today to leave the benchmark interest rate at a record low, showing the debate on the timing of policy tightening is intensifying as inflation and an economic recovery gather pace.
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The Czech central bank moved forward its forecast for the start of interest-rate increases after borrowing costs in the neighboring euro area rose last month.
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The Czech government’s funding costs fell to an all-time low for the fifth consecutive bond auction as the koruna’s appreciation to the strongest in four months added to expectations for interest-rate cuts to zero.
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The Czech central bank may discuss tomorrow whether to move forward interest-rate increases after two board members suggested a tightening of monetary policy is needed earlier than forecast.
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