Six out of seven members of the Czech central bank's governing board will attend next week's interest rate setting meeting to be held on February 6 , the bank said in a statement. Vice-governor MojmÍr Hampl will not be present at the meeting. At its last monetary meeting on December17, when all the seven rate-setters were present, the board voted unanimously to keep the two-week repo rate at the record-low of 0.05% for the ninth time in a row after cutting it by 20 basis points in November 2012 and said it will keep the rate at the current record low level until inflation pressures increase significantly. The Lombard rate that provides a ceiling for short-term interest rates on the money market was left at 0.25% and the discount rate that represents the floor for short-term money market interest rates was kept at 0.05%. The bank surprised the market in early November 2013 when it launched the first in more than a decade koruna sales to weaken the currency and bring inflation back to its target. Central bank governor Miroslav Singer has said interventions will help economic growth this year boosting the GDP by some CZK 60bn to CZK 70bn and creating 35,000 new jobs. The bank expects the economy to return to a 2.1% growth in 2014 after an estimated 0.9% contraction in 2013. Singer has also said the bank will keep the local currency weaker at just above 27 korunas to the euro throughout the year but after that it won't prevent it from strengthening.
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