MNI China Daily Summary: Thursday, December 12

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CNB Governor Deems Monetary Policy Restrictive Enough

CZECHIA
  • CNB Governor Ales Michl told Newstream.cz that monetary policy is restrictive enough, with short-term interest rates at the highest levels since 1999, which is translating into a big contraction in lending. He refused label his new Bank Board colleagues as hawkish or dovish and said we will only be able to assess them in a few years. The Governor reiterated that a strong Koruna and low inflation should become the long-term priority for both the CNB and the government.
  • During a campaign trip to Brno and Zidlochovice, Petr Pavel said that he was not sure whether he would support rival presidential candidate Danuse Nerudova, if she proceeds to the runoff with former Prime Minister Andrej Babis. Pavel and Nerudova are locked in a tight race for the spot in the second round, with opinion polls suggesting that either of them would beat Babis.
  • President Zeman tapped Jan Svaton to replace Katerina Simackova in the Constitutional Court after the Senate refused to confirm an earlier nominee. The upper chamber will now review the latest appointment. Note that Zeman has come under criticism after he failed to rule out frontloading the appointment of the next Constitutional Court Chairperson, even as the incumbent's term only expires in August.
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