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Ensuring monetary and financial stability in the Czech Republic

In: Structural Reforms for Growth and Cohesion

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  • Jiří Rusnok

Abstract

Gradual rise in inflation in 2014–2016 and further acceleration of inflation pressures in late 2016 and early 2017 created the conditions for fulfilling the Czech National Bank’s inflation target on a sustainable basis. At the beginning of 2017, the continuation of exchange rate commitment was no longer necessary. The exit from the commitment in April 2017 was the first step towards normalizing monetary policy, that is, towards using interest rates as the main instrument again. The second half of 2017 witnessed two repo rate increases, namely at the start of August and November. Overall, financial conditions are gradually becoming more restrictive, not only through increasing interest rates and appreciating koruna but also through macro-prudential tightening. The policies are thus quite consistent and not only act countercyclically, but also safeguard financial stability.

Suggested Citation

  • Jiří Rusnok, 2018. "Ensuring monetary and financial stability in the Czech Republic," Chapters, in: Ewald Nowotny & Doris Ritzberger-Grünwald & Helene Schuberth (ed.), Structural Reforms for Growth and Cohesion, chapter 12, pages 157-162, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:18436_12
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    Keywords

    Economics and Finance;

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