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Transcript 
Zero Lower Bound – What Next?
• Repo rate cut to 0.05% in November 2012
• Inflation below the target, anti-inflationary domestic pressures, further
monetary policy easing needed
• Exchange rate interventions considered
• Exchange rate channel to elevate
inflation (expectation channel)
• Liquidity surplus in the Czech
banking system → no need for
liquidity injections
• IR transmission functional
• Verbal interventions
26.2
CZK/EUR
25.8
25.4
depreciation
25.0
appreciation
24.6
10
11
2012
12
01
02
03
04
05
06
07
08
09
2013
• Income on international reserves not being sold since November
• Forward guidance:
rates will be kept at zero level in the longer term
until inflation pressures rise significantly
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