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CNB Needs To Raise Rates Above 6% in June (Rusnok)

CZECHIA

LOCAL NEWS

  • President Zeman appointed three new MPC members following the appointment of new ‘dovish’ Governor Ales Michl (taking over in July).
  • The three new members are Eva Zamrazilova (former member between 2008), Jan Frait (also former member 2000 – 2006) and Karina Kubelkova, hief analyst at the Czech Chamber of Commerce and adviser to the prime minister.
  • As the new board is pivoting to a much more dovish stance, the market is expecting the CNB to approach the end of its tightening cycle despite the elevated inflationary pressures.
  • Next CNB meeting is on June 22; the central bank could proceed with a 75bps hike (for Rusnok last meeting), which would levitate the terminal rate to 6.5%.
    • Governor Rusnok mentioned in an interview over the week end that the CNB will need to raise interest rates above 6% this month to tackle accelerating inflation.
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