CNB start paying interest on min reserves July 12

The Czech National Bank will start paying interest equal to the two-week repo rate, currently standing at 5.25 pct, on banks' minimum reserves as of July 12, 2001, Pavel Zubek of the CNB's press department told CTK news agency on Feb 1.

Commercial banks are obliged to keep these reserves on an account at the CNB. The CNB expects this and two other changes to reduce its bottom line by Kc1.4bn annually. The minimum reserves requirement as of Oct 1999 is 2 pct while before that it used to be 5 pc

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