Having tried everything else to win the public over after slapping a ceiling on how strong the country’s currency can go, the Czech central bank now has an app.
Bashed by media and politicians since it put a lid on koruna gains 2 1/2 years ago, the central bank launched the digital brochure for mobile phones and tablets Tuesday to explain its efforts to re-ignite price growth.
“Cheer with us for 2 percent inflation,” says the “Menova Politika,” or “Monetary Policy” app -- offered for both Apple and Android devices. Users can watch an animated video showing how companies and people suffer from deflation. It also depicts the downward price spiral as a curved water slide, with the central bank as a hero lifeguard rescuing the economy from certain doom.
The monetary authority has been at pains to explain why, after exhausting room for interest-rate cuts, it capped koruna appreciation at 27 against the euro. The bank has come under fire from President Milos Zeman, who has said the unconventional policy is a barrier to competitiveness. Top-selling tabloid Blesk dubbed former Governor Miroslav Singer, who oversaw the policy, as “the man who made everything more expensive.”
“The purpose of the new educational-entertainment application is to further explain to broad public the reasons why the Czech National Bank adopted the so-called exchange rate commitment in 2013 and its impact on the economy,” the central bank said in a statement.