The board of the CNB increased rates yesterday by 25 basic points. The main two-week repo rate rose to 3.5%. This result was expected by a narrow majority of the market, including us. The main argument for this month's interest rate hike was probably the fear of a growth in inflationary expectations due to the rising rate of consumer inflation. So, even though the Crown rate strengthened again in the last few days, it wasn't seen by the CNB as a sufficient reason to postpone the monetary policy tightening.