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Czech central bank resumes policy tightening

The Czech central bank raised rates for the third time in less than a year, it said.

In its first meeting in the new year, the board of Ceská národní banka decided to raise the two-week repo rate by 25 basis points to 0.75% and the Lombard rate by 50 basis points to 1.50%. It maintained its discount rate at 0.05%.

Inflation came in at 2.5% for the full year 2017, well above the 2% target of the central bank. Inflation eased to 2.4% in December from 2.6% in November and 2.9% in October.

The Czech koruna traded at a five-year high after the rates move.