Czech rates cut to record low

The Czech Central Bank yesterday moved interest rates to a record low of 0.05 per cent in a bid to help pick the country out of a long-running recession. The cut means the bank has slashed rates from 0.5 per cent in the space of two months. Officials are also considering further measures aimed at kick-starting the economy, after the bank repeated its forecast of a 0.9 per cent contraction this year.