The Czech National Bank ended a cycle of rate rises on August 4, holding its benchmark rate steady for the first time since its May 2021 policy meeting. The two-week repo rate will remain at 7%.

The central bank’s seven-member board split on the decision, with two members favouring a further 100 basis point increase in the repo rate.

The monetary policy meeting was the first taken under new governor Aleš Michl, appointed by Czech president Miloš Zeman in May. Michl succeeded Jiří Rusnok on