Czechs hold rates at 3.25%

The Czech National Bank decided on Thursday to keep its benchmark two-week repo rate at 3.25%.

Five of the rate-setting committee's seven members voted for the rate hold. The other two members opted for a 25 basis point hike.

The central bank said that it has revised the growth forecast for 2008 downwards since July, and that the effect of the real economy would be anti-inflationary in 2008 but modestly inflationary the following year. Monetary-policy relevant inflation has also fallen from th

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