EFTA Document EFTA01379403

22 December 2017 EM Currency Handbook 2018: Still Fuel in the Tank Regulatory framework and approach • Czech National Bank regulates exchange rate policy and is responsible for implementing monetary policy (htto://www.cnb.c>). • The major monetary policy tool of the CNB are the 2W liquidity-absorbing open-market operations. The repo is competitive and the CNB accepts bids up to the level of the policy rate and to the level of the expected liquidity surplus. The CNB has an interest rate