Czech Republic CNB Repo Rate Decision History

The following table details the changes in the Czech National Bank’s benchmark interest rate.

Since Bloomberg started surveys for the interest rate in March 2004 there have been a total of 77 rate decisions by the bank for which surveys were conducted. In 13 cases the survey did not match the decision made, resulting in the survey correctly predicting the decision 83.1% of the time.

===============================================================================
Announcement    Repo        Direction     Amount of     BN Survey     Survey vs
Date            Rate                       Change        Median        Actual
===============================================================================
11/3/2011       0.75%         None          None          0.75%       Expected
9/22/2011       0.75%         None          None          0.75%       Expected
8/4/2011        0.75%         None          None          0.75%       Expected
6/23/2011       0.75%         None          None          0.75%       Expected
5/5/2011        0.75%         None          None          0.75%       Expected
3/24/2011       0.75%         None          None          0.75%       Expected
===============================================================================
Announcement    Repo        Direction     Amount of     BN Survey     Survey vs
Date            Rate                       Change        Median        Actual
===============================================================================
2/3/2011        0.75%         None          None          0.75%       Expected
-------------------------------------------------------------------------------
12/22/2010      0.75%         None          None          0.75%       Expected
11/4/2010       0.75%         None          None          0.75%       Expected
9/23/2010       0.75%         None          None          0.75%       Expected
8/5/2010        0.75%         None          None          0.75%       Expected
6/23/2010       0.75%         None          None          0.75%       Expected
5/6/2010        0.75%        Easing        -0.25%         1.00%      Unexpected
3/25/2010       1.00%         None          None          1.00%       Expected
2/4/2010        1.00%         None          None          1.00%       Expected
-------------------------------------------------------------------------------
12/16/2009      1.00%        Easing        -0.25%         1.25%      Unexpected
11/5/2009       1.25%         None          None          1.25%       Expected
9/24/2009       1.25%         None          None          1.25%       Expected
8/6/2009        1.25%        Easing        -0.25%         1.50%      Unexpected
6/25/2009       1.50%         None          None          1.25%      Unexpected
5/7/2009        1.50%        Easing        -0.25%         1.75%      Unexpected
===============================================================================
Announcement    Repo        Direction     Amount of     BN Survey     Survey vs
Date            Rate                       Change        Median        Actual
===============================================================================
3/26/2009       1.75%         None          None          1.75%       Expected
2/5/2009        1.75%        Easing        -0.50%         1.75%       Expected
-------------------------------------------------------------------------------
12/17/2008      2.25%        Easing        -0.50%         2.25%       Expected
11/6/2008       2.75%        Easing        -0.75%         3.25%      Unexpected
9/25/2008       3.50%         None          None          3.50%       Expected
8/7/2008        3.50%        Easing        -0.25%         3.75%      Unexpected
6/26/2008       3.75%         None          None          3.75%       Expected
5/7/2008        3.75%         None          None          3.75%       Expected
3/26/2008       3.75%         None          None          3.75%       Expected
2/7/2008        3.75%      Tightening       0.25%         3.75%       Expected
-------------------------------------------------------------------------------
12/19/2007      3.50%         None          None          3.50%       Expected
11/29/2007      3.50%      Tightening       0.25%         3.50%       Expected
10/25/2007      3.25%         None          None          3.25%       Expected
9/27/2007       3.25%         None          None          3.25%       Expected
8/30/2007       3.25%      Tightening       0.25%         3.00%      Unexpected
===============================================================================
Announcement    Repo        Direction     Amount of     BN Survey     Survey vs
Date            Rate                       Change        Median        Actual
===============================================================================
7/26/2007       3.00%      Tightening       0.25%         3.00%       Expected
6/28/2007       2.75%         None          None          2.75%       Expected
5/31/2007       2.75%      Tightening       0.25%         2.75%       Expected
4/26/2007       2.50%         None          None          2.50%       Expected
3/29/2007       2.50%         None          None          2.50%       Expected
3/1/2007        2.50%         None          None          2.50%       Expected
1/25/2007       2.50%         None          None          2.50%       Expected
-------------------------------------------------------------------------------
12/20/2006      2.50%         None          None          2.50%       Expected
11/30/2006      2.50%         None          None          2.50%       Expected
10/26/2006      2.50%         None          None          2.50%       Expected
9/27/2006       2.50%      Tightening       0.25%         2.25%      Unexpected
8/31/2006       2.25%         None          None          2.25%       Expected
7/27/2006       2.25%      Tightening       0.25%         2.25%       Expected
6/29/2006       2.00%         None          None          2.00%       Expected
5/25/2006       2.00%         None          None          2.00%       Expected
4/27/2006       2.00%         None          None          2.00%       Expected
===============================================================================
Announcement    Repo        Direction     Amount of     BN Survey     Survey vs
Date            Rate                       Change        Median        Actual
===============================================================================
3/30/2006       2.00%         None          None          2.00%       Expected
2/23/2006       2.00%         None          None          2.00%       Expected
1/26/2006       2.00%         None          None          2.00%       Expected
-------------------------------------------------------------------------------
12/22/2005      2.00%         None          None          2.00%       Expected
11/24/2005      2.00%         None          None          2.00%       Expected
10/27/2005      2.00%      Tightening       0.25%         1.75%      Unexpected
9/29/2005       1.75%         None          None          1.75%       Expected
8/25/2005       1.75%         None          None          1.75%       Expected
7/28/2005       1.75%         None          None          1.75%       Expected
6/30/2005       1.75%         None          None          1.75%       Expected
5/26/2005       1.75%         None          None          1.75%       Expected
4/28/2005       1.75%        Easing        -0.25%         2.00%      Unexpected
3/31/2005       2.00%        Easing        -0.25%         2.00%       Expected
2/24/2005       2.25%         None          None          2.25%       Expected
1/27/2005       2.25%        Easing        -0.25%         2.50%      Unexpected
-------------------------------------------------------------------------------
===============================================================================
Announcement    Repo        Direction     Amount of     BN Survey     Survey vs
Date            Rate                       Change        Median        Actual
===============================================================================
12/22/2004      2.50%         None          None          2.50%       Expected
11/25/2004      2.50%         None          None          2.50%       Expected
10/27/2004      2.50%         None          None          2.50%       Expected
9/30/2004       2.50%         None          None          2.50%       Expected
8/26/2004       2.50%      Tightening       0.25%         2.50%       Expected
7/29/2004       2.25%         None          None          2.25%       Expected
6/24/2004       2.25%      Tightening       0.25%         2.00%      Unexpected
5/27/2004       2.00%         None          None          2.00%       Expected
4/29/2004       2.00%         None          None          2.00%       Expected
3/25/2004       2.00%         None          None          2.00%       Expected
2/26/2004       2.00%         None          None           n/a           n/a
1/29/2004       2.00%         None          None           n/a           n/a
-------------------------------------------------------------------------------
12/17/2003      2.00%         None          None           n/a           n/a
11/27/2003      2.00%         None          None           n/a           n/a
10/30/2003      2.00%         None          None           n/a           n/a
9/25/2003       2.00%         None          None           n/a           n/a
===============================================================================
Announcement    Repo        Direction     Amount of     BN Survey     Survey vs
Date            Rate                       Change        Median        Actual
===============================================================================
8/28/2003       2.00%         None          None           n/a           n/a
7/31/2003       2.00%        Easing        -0.25%          n/a           n/a
6/25/2003       2.25%        Easing        -0.25%          n/a           n/a
5/29/2003       2.50%         None          None           n/a           n/a
4/24/2003       2.50%         None          None           n/a           n/a
3/27/2003       2.50%         None          None           n/a           n/a
2/27/2003       2.50%         None          None           n/a           n/a
1/30/2003       2.50%        Easing        -0.25%          n/a           n/a
-------------------------------------------------------------------------------
12/19/2002      2.75%         None          None           n/a           n/a
11/28/2002      2.75%         None          None           n/a           n/a
10/31/2002      2.75%        Easing        -0.25%          n/a           n/a
9/26/2002       3.00%         None          None           n/a           n/a
8/29/2002       3.00%         None          None           n/a           n/a
7/25/2002       3.00%        Easing        -0.75%          n/a           n/a
7/11/2002       3.75%         None          None           n/a           n/a
6/27/2002       3.75%         None          None           n/a           n/a
===============================================================================
Announcement    Repo        Direction     Amount of     BN Survey     Survey vs
Date            Rate                       Change        Median        Actual
===============================================================================
5/30/2002       3.75%         None          None           n/a           n/a
4/25/2002       3.75%        Easing        -0.50%          n/a           n/a
3/28/2002       4.25%         None          None           n/a           n/a
2/28/2002       4.25%         None          None           n/a           n/a
1/31/2002       4.25%        Easing        -0.25%          n/a           n/a
1/21/2002       4.50%        Easing        -0.25%          n/a           n/a
-------------------------------------------------------------------------------
12/20/2001      4.75%         None          None           n/a           n/a
11/29/2001      4.75%        Easing        -0.50%          n/a           n/a
10/25/2001      5.25%         None          None           n/a           n/a
9/27/2001       5.25%         None          None           n/a           n/a
8/30/2001       5.25%         None          None           n/a           n/a
7/26/2001       5.25%      Tightening       0.25%          n/a           n/a
6/28/2001       5.00%         None          None           n/a           n/a
5/31/2001       5.00%         None          None           n/a           n/a
4/26/2001       5.00%         None          None           n/a           n/a
3/29/2001       5.00%         None          None           n/a           n/a
===============================================================================
Announcement    Repo        Direction     Amount of     BN Survey     Survey vs
Date            Rate                       Change        Median        Actual
===============================================================================
2/22/2001       5.00%        Easing        -0.25%          n/a           n/a
1/25/2001       5.25%         None          None           n/a           n/a
-------------------------------------------------------------------------------
12/21/2000      5.25%         None          None           n/a           n/a
11/30/2000      5.25%         None          None           n/a           n/a
10/26/2000      5.25%         None          None           n/a           n/a
10/5/2000       5.25%         None          None           n/a           n/a
8/31/2000       5.25%         None          None           n/a           n/a
7/27/2000       5.25%         None          None           n/a           n/a
6/29/2000       5.25%         None          None           n/a           n/a
5/25/2000       5.25%         None          None           n/a           n/a
4/27/2000       5.25%         None          None           n/a           n/a
3/30/2000       5.25%         None          None           n/a           n/a
2/24/2000       5.25%         None          None           n/a           n/a
1/27/2000       5.25%         None          None           n/a           n/a
-------------------------------------------------------------------------------
12/21/1999      5.25%         None          None           n/a           n/a
===============================================================================
Announcement    Repo        Direction     Amount of     BN Survey     Survey vs
Date            Rate                       Change        Median        Actual
===============================================================================
11/25/1999      5.25%        Easing        -0.25%          n/a           n/a
10/26/1999      5.50%        Easing        -0.25%          n/a           n/a
10/4/1999       5.75%        Easing        -0.25%          n/a           n/a
9/2/1999        6.00%        Easing        -0.25%          n/a           n/a
7/29/1999       6.25%        Easing        -0.25%          n/a           n/a
6/24/1999       6.50%        Easing        -0.40%          n/a           n/a
5/27/1999       6.90%         None          None           n/a           n/a
5/3/1999        6.90%        Easing        -0.30%          n/a           n/a
4/9/1999        7.20%        Easing        -0.30%          n/a           n/a
3/25/1999       7.50%         None          None           n/a           n/a
3/11/1999       7.50%        Easing        -0.50%          n/a           n/a
2/25/1999       8.00%         None          None           n/a           n/a
1/28/1999       8.00%        Easing        -0.75%          n/a           n/a
1/15/1999       8.75%        Easing        -0.75%          n/a           n/a
-------------------------------------------------------------------------------
12/22/1998      9.50%        Easing        -1.00%          n/a           n/a
12/17/1998     10.50%         None          None           n/a           n/a
===============================================================================
Announcement    Repo        Direction     Amount of     BN Survey     Survey vs
Date            Rate                       Change        Median        Actual
===============================================================================
12/3/1998      10.50%        Easing        -1.00%          n/a           n/a
11/12/1998     11.50%        Easing        -1.00%          n/a           n/a
10/26/1998     12.50%        Easing        -1.00%          n/a           n/a
9/24/1998      13.50%        Easing        -0.50%          n/a           n/a
8/27/1998      14.00%         None          None           n/a           n/a
8/13/1998      14.00%        Easing        -0.50%          n/a           n/a
7/30/1998      14.50%         None          None           n/a           n/a
7/16/1998      14.50%        Easing        -0.50%          n/a           n/a
7/2/1998       15.00%         None          None           n/a           n/a
5/28/1998      15.00%         None          None           n/a           n/a
4/30/1998      15.00%         None          None           n/a           n/a
3/19/1998      15.00%      Tightening       0.25%          n/a           n/a
2/19/1998      14.75%         None          None           n/a           n/a
1/22/1998      14.75%         None          None           n/a           n/a
===============================================================================

NOTE: The meeting on January 22, 1998 was the first time the Board of the Czech National Bank made decisions on interest rate setting within the framework of inflation targeting.

SOURCE: Czech National Bank

To contact the reporter on this story: Mark Evans in London at mevans8@bloomberg.net

To contact the editor responsible for this story: Marco Babic at mbabic@bloomberg.net

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