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CNB Expected To Hike By 100bps on June 22

CZECHIA

LOCAL NEWS

  • The CNB is meeting on June 22, with analysts expecting the central bank to hike its benchmark rate by 100bps to 6.75%.
  • This will be Rusnok last meeting as a Governor, following Ales Michl nomination as CNB’s new head (starting in July).
  • We previously saw that the rotation towards a more ‘dovish’ board (Benda and Nidetzky no reappointed, replaced by more dovish members – Zamrazilova, Kubelkova and Frait) could leave CZK vulnerable in the medium term as some analysts have been speculating that this may be the last ‘hawkish’ hike and that the CNB may announce the ‘end of its tightening cycle’ soon.
  • More uncertainty on the CNB policy outlook could also leave CZK and Czech risky assets vulnerable in the near to medium term.
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