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Bank Board's Kubicek Sees Close Call Between Cut And Hold At Next Meeting

CNB

CNB's Jan Kubicek told Bloomberg that he will likely vote either to cut rates or to leave them on hold at the next Bank Board meeting slated for November 2, stressing that it is a close call as inflation risks continue to linger.

  • "The risks are so conflicting that I don't now yet how I'm going to vote next week. Once we start, I believe we'll be able to deliver continuous, gradual easing, unless some unforeseen circumstances occur."
  • Among the key reasons for caution, Kubicek mentioned higher anticipated core inflation in 2024. The official noted that the current market bets on Czech 2024 rate path are "ambitious" but not impossible.
  • Kubicek said that he sees "fundamental reasons" for recent koruna weakness. EUR/CZK last trades +0.052 at 24.655 after an upswing into the London morning, operating in the vicinity of recent cyclical highs.
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