IMF staff suggest using tiers if CNB cuts rates below zero


Applying negative deposit rates in tiers could help the Czech National Bank (CNB) mitigate their impact on bank profitability, should it need to ease further, staff at the International Monetary Fund have said.

The bank board has discussed the pros and cons of using negative interest rates on multiple occasions, though not at its most recent meeting – Miroslav Singer's last as governor.

It has kept its policy rate at 0.05% since November 2012. A year later, rather than cutting below zero, it

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