The Czech National Bank (CNB) raised its two-week repo rate by 25bp to 0.75% at today’s meeting, and its communications signalled that policymakers will raise rates more quickly than they had previously signalled to tackle above-target inflation. We expect that the policy rate will be hiked to 1.50% by end-2021, and 2.50% by end-2022 (previously 1.00% and 2.00%).
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