Central bank upholds weak crown policy

The Czech National Bank board on Wednesday confirmed its commitment to intervene on foreign exchange markets until the end of 2016 in order to weaken the crown and maintain an exchange rate of CZK 27/EUR. The board also agreed to keep interest rates, now at a historic low, unchanged. The two-week repo rate will be maintained at 0.05%, the discount rate at 0.05% and the Lombard rate at 0.25%.