They then backed a motion to raise rates by 25 basis points to find a consensus, joining board member Jan Prochazka. The bank has kept rates at more than two-decade highs since the middle of 2022, following a sharp one-year hiking cycle to battle inflation that has been at a double-digit rate since early last year. (Reporting by Jason Hovet Editing by Christina Fincher)
(Corrects story after central bank amended its statement to
show Tomas Holub, not Jan Prochazka, voted in favour of a 50 bps
increase. Changes made in paragraphs 3 and 4 accordingly.)
PRAGUE, May 12 (Reuters) - Two of the three Czech
central bank board members who voted in the minority for an
interest rate hike at the bank's May 3 policy meeting sought a
50 basis point increase before voting for a 25 basis point rise,
minutes from the meeting showed on Friday.
The bank voted 4-3 to keep the key two-week repo rate stable at 7.00%, although the minority seeking a
hike grew, surprising markets.
Board members Karina Kubelkova and Tomas Holub voted in
favour of a 50 basis point rate increase in the first round of
voting, according to minutes from the meeting published on
Friday.
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