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CNB Holds Meeting With Analysts, Jan Kubicek Says Rates Could Drop To 4% This Year

CZECHIA
  • The CNB cut interest rates by 50bp, with one dissenting vote in favour of a 75bp reduction, pushing EUR/CZK firmly above the psychologically significant 25.0 figure. The Board said that inflation likely fell to around +3% Y/Y in January, reaching the upper end of the tolerance band around the target, even as upside risks to the inflation outlook in the years ahead remain. Members agreed that it was necessary to "approach further rate cuts with caution."
  • CNB's Jan Kubicek told CT24 that interest rates may drop to 4% this year but the pace of easing is hard to predict and will depend on the exchange rate. The Board assumes that the koruna will start appreciating in the course of this year; otherwise, rate cuts could be slowed or halted.
  • The introductory chapter of the latest edition of the central bank's Monetary Policy Report has just been published. Staff will discuss it during a presentation for analysts at 10:00GMT/11:00CET. The seminar will be broadcast here.
  • The main opposition ANO party will elect its chief executives on Saturday. It is expected that the current leaders will keep their posts, which includes party chairman Andrej Babis. The only unknown is the successor to ex-deputy leader Ivo Vondrak.
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