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Central Bank Holds Meeting With Analysts

CNB

The CNB's seminar for analysts is underway, with Jan Prochazka sitting alongside key staff members as a representative of the Bank Board. The meeting opened with a presentation of the new forecast by Monetary Department chief Petr Kral.

  • The relatively sharp upward revision to the Czech interest-rate outlook in the latest CNB forecast was made due to the following considerations:
    • stronger wage and GDP growth at the start of 2024
    • weaker koruna exchange rate
    • higher market outlook for ECB rates
  • Several expert judgements also played a role in the revision of the interest-rate outlook:
    • a recognition of accelerating household consumption due to a rapid improvement in sentiment
    • downscaling previous expert judgements related to the koruna exchange rate
  • Kral notes that the switch to a new forecasting model played a negligible role in the upward adjustment of Czechia's projected rate path.
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