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Search resuls for: "Czech National Bank"


9 mentions found


☆ Czech banks hit as central bank ceases paying interest on reserves
  + stars: | 2023-09-08 | by ( ) www.reuters.com   time to read: +3 min
The Czech National Bank (CNB) decided on Thursday to cancel paying interest on banks' mandatory minimum reserves from Oct. 5, a move to reduce the costs of implementing monetary policy. The decision follows a similar move by the European Central Bank in July. Komercni Banka said its stipulated amount of required minimum reserves for the current maintenance period stood at approximately 19.6 billion Czech crowns ($861.12 million). Banks have been required to keep a portion of liabilities at the central bank as reserves. Mandatory minimum reserves are not used as a monetary policy instrument but can act as a liquidity buffer to ensure the smooth flow of interbank payments, the central bank said.
Persons: Dado Ruvic, Komercni Banka, MONETA, Banks, Jason Hovet, Jan Lopatka, Andrew Cawthorne Organizations: REUTERS, Rights, Money Bank, Prague Stock Exchange, Czech National Bank, European Central Bank, Analysts, Komercni, KB, Thomson Locations: Komercni Banka, Komercni, BKOM.PR, Czech, Prague
☆ Czech central banker Holub: raising rates more would still makes sense
  + stars: | 2023-05-28 | by ( ) www.reuters.com   time to read: +1 min
PRAGUE, May 28 (Reuters) - Raising the Czech National Bank's interest rates further would still make sense as it could serve as a signal that the central bank has not given up on its efforts to tame inflation, board member Tomas Holub said on Sunday. The central bank has kept its main interest rate at 7.00% since last June when it delivered the last hike in a year-long tightening cycle. When asked if a hike would make sense at the next monetary policy meeting on June 21, Holub, who has consistently backed rate hikes, said yes. "If we have the risk of a wage-inflation spiral here, then sending the signal is still meaningful to me," Holub said. The central bank expects inflation, which eased to 12.7% year-on-year in April, to come down nearer its target early in 2024.
☆ Czech central bank: can cut countercyclical buffer rate if uncertainties decrease
  + stars: | 2023-03-10 | by ( ) www.reuters.com   time to read: 1 min
PRAGUE, March 10 (Reuters) - The Czech National Bank (CNB) can lower the countercyclical buffer rate set for banks if geopolitical and cyclical uncertainties decrease, the central bank said on Friday. "Should these uncertainties decrease, the CNB is ready to start gradually lowering the countercyclical capital buffer rate if it concludes that the size of the cyclical credit risks in banks' balance sheets covered by the countercyclical capital buffer rate is decreasing," the central bank said. On Thursday, the central bank decided to leave the extra buffer rate for banks, applied in periods of excessive lending growth, at 2.50%. The rate rose to 2.00% at the start of the year and is set to increase to 2.50% from April, based on past decisions. Reporting by Robert Muller; Editing by Alex RichardsonOur Standards: The Thomson Reuters Trust Principles.
☆ Czech interest rates should stay higher for longer, Kubelkova says
  + stars: | 2023-01-22 | by ( ) www.reuters.com   time to read: +2 min
PRAGUE, Jan 23 (Reuters) - Keeping the Czech National Bank's interest rates higher for a longer period would work better against inflation than implementing further hikes only to reverse them soon after, central bank board member Karina Kubelkova said. Since joining the central bank last July, Kubelkova has been part of the majority in favour of stable rates. "Especially in the current situation, holding rates higher for a longer time is a strategy that works better (than raising rates further and then cutting them)," Kubelkova said in an interview published on Monday by daily paper Hospodarske Noviny. "The transmission into the real economy will be bigger than moving the (main) rate higher and back over a short time," she said. Analysts see rates staying stable for the first half of 2023 before the bank begins lowering borrowing costs.
☆ Czech president: will appoint new members of central bank board on Dec. 14
  + stars: | 2022-12-11 | by ( ) www.reuters.com   time to read: +1 min
PRAGUE, Dec 11 (Reuters) - Czech President Milos Zeman will appoint new members to the Czech National Bank board on Dec. 14, the president said on Sunday. President Zeman did not say who would replace two board members - Vice-Governor Marek Mora and board member Oldrich Dedek - whose terms expire in mid-February. "In the case of the new members of the central bank board, whom I will appoint on Wednesday, the appointment comes some time before they take office, that is a common practice," Zeman said in an interview broadcast live on Czech Radio. Under the Czech constitution, the president has sole power to appoint central bankers. Several board members, including Governor Ales Michl, suggested that inflation might be already peaking, in line with the central bank staff macroeconomic forecast.
☆ Big Czech crown interventions less likely, central banker says
  + stars: | 2022-11-13 | by ( Reuters Staff | ) www.reuters.com   time to read: +2 min
Czech Crown coins and notes are seen in this picture illustration taken April 1, 2017. In July, the Czech National Bank (CNB) used 10 billion euros ($10.35 billion) of its massive international reserves to support the crown. Intervention amounts eased to 2.6 billion euros in September, according to bank data. Interventions have kept the crown in a tight range and on the strong side of 24.78 since they started. The CNB’s reserves dropped to 131.6 billion euros at the end of October, or about 48% of expected 2022 gross domestic product, from 160.4 billion euros seen in April.
☆ MONETA expects to exceed 2022 profit forecast after solid quarter
  + stars: | 2022-10-27 | by ( ) www.reuters.com   time to read: +2 min
PRAGUE, Oct 27 (Reuters) - MONETA Money Bank (MONET.PR) said on Thursday it expects to exceed its 2022 profit forecast after reporting solid third-quarter results, adding that a Czech government decision to cap household energy prices should ease pressure on loans. At the same time, the government is pursuing a windfall tax on banks, energy firms and other sectors to help control a swelling state deficit. read moreAs the windfall tax is not likely to hit 2022 profits, MONETA said that it was on track to meet and even surpass its guidance for this year's net profit of at least 4.4 billion crowns ($180.5 million). MONETA's estimate-beating quarterly profit of 1.25 billion crowns brought it to 94% of its full-year guidance after the first nine months of the year. read more($1 = 24.3770 Czech crowns)Reporting by Robert Muller; Editing by Alexander SmithOur Standards: The Thomson Reuters Trust Principles.
☆ Czech central bank vice governor: More rate hikes needed
  + stars: | 2022-10-21 | by ( ) www.reuters.com   time to read: +2 min
Mora has voted in favour of raising rates throughout the central bank's year-long tightening cycle, which increased the main rate by 675 basis points in total and ended in June. Register now for FREE unlimited access to Reuters.com RegisterMora said that inflation should return to the central bank's 2% target fast. Mora said the central bank should hike rates by at least 50 basis points at its next meeting on Nov. 3. Michl took the helm of the central bank in July. Mora said that he would not seek another term at the central bank board after his current one expires on Feb. 13, 2023.
☆ Analysis: Central Europe's policymakers try to call time on rate hikes
  + stars: | 2022-09-27 | by ( Jason Hovet | ) www.reuters.com   time to read: +5 min
Czech Crown coins are seen in front of a displayed logo of Czech central bank (CNB) in this picture illustration taken April 1, 2017. Whether it can do so will depend much on wage pressures subsiding and how much a weakening market mood will hurt its currencies. "In Hungary, I think there is still road ahead (for rate hikes)," Juraj Kotian, an economist with Erste Group Bank, said. read moreAnalysts, though, see further rate hikes even after Tuesday. In August, the inflation rate slowed to 17.2% - the first sign of a price peak in central Europe.
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