Tuma defends CNB's independence

Czech National Bank Governor Zdenek Tuma on Wednesday 1 September defended the central bank's independence and rejected public comments by government officials arguing against a recent increase in interest rates.

The CNB raised rates 25 basis points at its monthly policy-board meeting on Thursday 2 September, citing as its main reason the country's expanding economy.

The key two-week repurchase rate was raised to 2.50%, and the discount and Lombard rates are at 1.50% and 3.50%, respectively.