Czech Central Bank did not change the policy rate

The Czech Central Bank kept borrowing costs constant and reiterated its commitment to intervene in the currency that raised the krona and helped the effort through the worst cost-of-life crisis in three decades.

As expected, the Czech Central Bank left the interest rate at 7 percent in its fifth consecutive meeting on Thursday.

The Central Bank also stated that it is ready to intervene in the market to avoid too much exchange rate fluctuations.

Multiple policymakers, including Central Bank Governor Ales Michl, pointed to weakening household spending, a cooling property market and slowing loan growth, saying the highest rates since 1999 have already eased domestic price pressures.

However, they warned that further tightening may be necessary if wages rise too quickly and consumption spikes again.