Czechs cut interest rates for fifth time this year

CZECH REPUBLIC - The Czech central bank yesterday cut interest rates for the fifth time this year in a new attempt to stimulate faltering domestic economic growth and slow the rapid appreciation of the Czech koruna.

The two-week repo rate was cut by 25 basis points to 2.75 per cent, 50 basis points below eurozone interest rates, the Financial Times reported.

In an interview before the decision, Zdenek Tuma, central bank governor, said he saw no inflation risk in the near future, while the Czech