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CNB Board Were Split 5-2 In Maintaining Rates, Two Votes For +75BPs

CZECHIA
  • CZECH CENTRAL BANK SEES 2022 GDP AT +2.2% (PVS +2.3%), AT -0.7% IN 2023 (PVS +1.1%), AT +2.5% IN 2024 (PVS +3.8%) - Reuters
  • CZECH CENTRAL BANK SEES AVG INFLATION AT 15.8% IN 2022 (PVS 16.5%), AT 9.1% IN 2023 (PVS 9.5%), AT 2.4% IN 2024 (PVS 2.4%)
  • SEES AVG 3-MO PRIBOR AT 6.6% IN 2022 (PVS 6.2%), AT 7.0% IN 2023 (PVS 5.2%), AT 5.3% IN 2024 (PVS 3.1%)
  • Full CNB forecast here: https://www.cnb.cz/en/monetary-policy/forecast/
  • Vote split at CNB was an unsurprising 5 - 2, with 2 members (almost certainly Mora and Holub) opting for a 75bps rate rise this week.
  • MICHL: CZECH RATES WILL STAY `RELATIVELY' HIGH FOR SOME TIME (BBG)

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