The Czech National Bank (CNB) has continued tightening monetary policy, adding 100 basis points to the policy rate at its December 22 meeting. The rate now stands at 3.75%, up from 0.25% as recently as June.

As with some of this year’s earlier increases, the central bank’s board was divided on the most recent rate decision. Five of its seven members voted in favour, while two preferred to keep rates steady.

In its statement, the board said that high commodity prices and economic recovery had