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INFLATION WILL INCREASE TO THE CNB’S 2 %TARGET IN 2017    
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The exchange rate fl oor at 27 CZK/EUR adopted by the Czech National Bank in November 2013 has prevented defl ation to emerge and has been instrumental to a subsequent strong economic growth. However, domestic infl ation has remained low until now due to persistent fall of producer prices abroad partly related to the last year’s drop in global commodity prices. Infl ation will increase to the central bank 2% target during 2017. Therefore, a need to maintain expansionary monetary conditions at least to the current extent persists. The Czech National Bank will not therefore discontinue the use of the exchange rate as a monetary policy instrument before 2017. This article describes developments in the Czech economy from the central bank’s perspective, including the outlook for the next two years.

Full article you can find: https://issuu.com/ppagency/docs/db_aj_2017_web/12