Europe

The Czech National Bank will raise key interest rates to 5.75 percent, the highest level since 1999.

The Banking Commission of the Czech National Bank raised the base interest rate by 0.75 percentage points to 5.75 percent. This is the highest level since 1999, a central bank spokesman told the Czech news agency Thursday. This is an increase above the sixth standard for base rates above 0.25 percentage points.

This increase is primarily due to the continued rise in inflation exacerbated by the war in Ukraine and the central bank’s efforts to weaken inflation expectations.

Banks have also decided to raise Lombard interest rates and discount rates for short-term liquidity loans to commercial banks by 0.75 percent to 6.75 percent.

https://english.radio.cz/czech-national-bank-raises-main-interest-rate-575-percent-highest-level-1999-8749660 The Czech National Bank will raise key interest rates to 5.75 percent, the highest level since 1999.

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