Central bank cuts growth forecast to 0.3 pct contraction

The Czech National Bank on Wednesday cut its forecast for the country’s economy to 0.3 percent contraction, down from a previous estimate of 0.2 percent growth. The central bank also decided to keep the interest rate at a record low of 0.05 percent, a spokesman for the bank said. Economists expect the interest rate to remain at the current level until the end of 2014.

Author: Jan Richter