The central bank's key two-week repo rate was lowered by a quarter point to 3.5%, the first cut since April 2005. Rates were already the lowest in the EU. All six members of the rate-setting board attending the meeting backed the cut.
The koruna fell sharply from Kc23.96 against the euro to Kc24.90 on the news. From the start of the year until the day before the decision,