Czech Republic
Rusnok to be governor at WB, Tuma governor at IMF
CZECH REPUBLIC - The Czech cabinet on Apr 19 appointed new finance minister Jiri Rusnok to be Czech governor on the Board of Governors of the World Bank and Czech central bank governor Zdenek Tuma on the board of governors of the International Monetary…
Govt might question CNB governor's appointment
CZECH REPUBLIC - The Czech government could question the appointment of Zdenek Tuma as Czech National Bank governor by lodging a complaint with the Constitutional Court, Deputy Premier Pavel Rychetsky said on Apr 18.
IMF forecasts 3% growth in Czech Republic
CZECH REPUBLIC - The International Monetary Fund said on Apr 17 it expected the Czech economy to grow by around three percent 2001 after 3.1 percent in 2000.
Zdenek calls for state finance reform-paper
CZECH REPUBLIC - Czech public finance deficits could threaten the country's macroeconomic stability in two or three years if reforms are not taken, daily Hospodarske Noviny quoted the central bank Governor Zdenek Tuma as saying on Apr 13.
Inflation targeting improved-CNB Niedermayer
CZECH REPUBLIC - The effectiveness of the inflation targeting of the Czech National Bank CNB should be improved with the shift to targeting of overall inflation and setting a corridor for price movements up to 2005, CNB vice-governor Ludek Niedermayer…
CNB appoints new executive director for markets
CZECH REPUBLIC - The Czech National Bank has announced that Tomas Kvapil will be the new executive director for financial markets as of Apr 1, 2001, filling the post which was left vacant when Radek Urban left at the end of February.
Euro-MP says Czechs must change central bank law
CZECH REPUBLIC - The chairwoman of a European Parliament committee said on Mar 28 that a new Czech law increasing politicians' influence over the central bank must be amended to bring it into line with European Union treaties.
Fitch cuts Czech currency rating, crown hit
CZECH REPUBLIC - International rating agency Fitch on Mar 28, 2001 cut the Czech Republic's long-term local currency rating, knocking the crown off recent historic highs, though analysts said the currency's firming trend remains.
CNB Board members backed Feb 22 rate cut by 6-1
Six members of the CNB Board voted in favour of the cut in the two-week repo rate by 0.25 percentage points to 5 pct, and one member was in favour of leaving rates at their current level, according to the minutes of the CNB Board meeting held on Feb 22…
Central Bank Seigniorage: Czech Republic 1993-1997
Jacek Cukrowski from the CERGE-EI and Emil Stavrev from the Czech National Bank have written an article "Central Bank Seigniorage: Czech Republic 1993-1997". The authors present a new comprehensive framework for measuring total gross seigniorage and its…
Czech cbank surprises, cutting rates by 25bp to 5%
More than a year after it last cut interest rates, the Czech National Bank on Feb 22, 2001 said it was lowering its two-week repo rate to 5% from 5.25%, its discount rate to 4% from 5% and the Lombard rate to 6% from 7.5%.
CNB - rates cut due to low inflation outlook
The Czech National Bank board on Feb 23, 2001 cut interest rates because the low inflation outlook and because the move doesn't jeopardize price stability, central bank officials said.
CNB not to undershoot target again- Frait
The Czech National Bank (CNB) should not undershoot its inflation target in 2001 again and must react in time, said Jan Frait, a member of the CNB Bank board. "There is probably no danger that we undershoot the target once again, otherwise it could be a…
CNB Bank Board leaves interest rates unchanged
The Czech National Bank (CNB) Board made no monetary decisions at its session on Feb. 8, 2001, Pavel Zubek of the CNB's PR department told reporters after the session. The Bank Board left rates unchanged at the last monetary session held two weeks ago as…
Czechs to mull foreign bond issue - Deputy FinMin
The Czech central bank (CNB) board should discuss at the beginning of March 2001 the possibility of tapping foreign markets for a bond issue, Deputy Finance Minister Eduard Janota said on Feb 7."We are analysing the current situation on the bond market…
Czech cbank board vote unanimous on holding rates
The Czech central bank board voted unanimously to keep its main interest rates unchanged at its monetary policy meeting on Jan. 25, 2001, after considering a move in the discount and Lombard lending rates. Minutes from the meeting, which showed a…
Radek Urban leaving Czech National Bank
Radek Urban has left the Czech National Bank where he was executive director of the financial markets department. On March 1 he will joining the asset management department of Ceska Sporitelna in Prague. Mr Urban has played a key role in developing the…
CNB law amendment no obstacle to EU - Zeman
Czech Premier Milos Zeman does not believe that the amendment to the law on the central bank which says that the CNB in fixing its inflation target has to consult the government and introduces control of CNB's operating budget could pose an obstacle to…
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.
Czech house wants cbank aim cut from constitution
The lower house of the Czech parliament agreed on Jan. 26, 2001, to cut the central bank's policy aim out of the constitution, a part of a wider revamp of central bank laws by the country's two main parties.But the constitutional amendment is expected to…
Czech cbank cuts inflation fcast, leaves rates
The Czech central bank board, in the face of weaker price pressures, discussed the possibility of a rate cut at its regular weekly board meeting on Jan. 25 but left rates unchanged, vice-Governor Ludek Niedermayer said. Monetary department chief Ales…
Tosovsky warns of threats to CNB independence
On Dec 27, Czech National Bank (CNB) governor Josef Tosovsky said attacks on the central bank were increasing and could affect its credibility. The attackers include opposition Civic Democrat (ODS) leader Vaclav Klaus, who blames the CNB's policies for…
Havel challenges new central bank law in court
Czech President Vaclav Havel called on the country's top court on Dec 22 to strike down several key passages in a new legislation on the central bank (CNB), saying they violated the constitution.
CNB to get rid of 1000, 5000 crown banknotes
The 1993 version of 1,000 and 5,000 crown banknotes will no longer be legal tender from July 1 2001. After this date it will no longer be possible to buy goods in shops with them, but they can still be exchanged at commercial banks for three more years.