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CNB Keeps Rate Unchanged, Bank Board "Not Even Thinking" About Easing

CZECHIA
  • The CNB kept interest rates unchanged and stuck with its commitment to prevent excessive FX moves yesterday. At the same time, the central bank doubled down on its pushback against "premature" market bets on summer rate cuts in an attempt to reaffirm the message that interest rates may need to stay higher for longer. During his subsequent press conference, Governor Ales Michl said that the central bank could raise interest rates if it sees signs of a wage-price spiral.
  • Speaking in an interview with public TV, CNB Deputy Governor Jan Frait said that most of the Bank Board members consider current monetary policy settings as sufficiently tight, albeit they discussed upside risks to the inflation outlook. He noted that Board members "are not even thinking" about cutting interest rates.
  • Prime Minister Petr Fiala will meet with representatives of local administrations to discuss a range of topics including taxes, transport, healthcare, energy and education.
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