Czech National Bank cuts interest rates by half a percentage point

The Czech National Bank has cut interest rates by half a percentage point. The cut, which analysts had expected, leaves the main two-week repo rate at 2.25 percent. Speaking on Wednesday after the move was announced, the deputy governor of the central bank, Miroslav Singer, said it had been made because of a fall in demand in developed countries, which influences inflation in the Czech Republic. Six weeks ago the Czech National Bank cut interest rates by three-quarters of a percentage point.