Czech National Bank cuts interest rate to 6.75 percent

The Board of the Czech National Bank on Thursday cut the base interest rate by a quarter of a percentage point to 6.75 percent. It is the first change in the interest rate since June 2022 and the first change the CNB has made under the leadership of Governor Aleš Michl. According to analysts, the development of the economy, which is stagnating, speaks in favour of such move.T

hursday‘s decision by the Czech National Bank’s Board marks the end of the longest period without an interest rate change since 2017, the year which saw the end of an almost five-year period when the base rate remained unchanged at 0.05 percent. Since 2017, the Board has changed rates at least once a year.