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CNB's Kubicek Prefers Rate Stability, Senate Debates Pension Bill

CZECHIA
  • New CNB member Jan Kubicek sided with the rate-stabilisation wing of the Bank Board as he told Newstream.cz website that holding the key interest rate at the current 7% level "should be enough" to contain inflation. He expressed preference for smoothing out the rate path taking the "higher for longer" approach rather than raising rates now to start cutting them sooner, as suggested by staff projections. At the same time, the official mentioned that a substantial CZK depreciation or a fundamental acceleration in wage growth could constitute shocks that would require renewed monetary tightening. Kubicek's comments were closely watched as little was known about his views on monetary policy when he took office last month.
  • The Senate will hold a committee discussion on the government's contentious pension bill today, before a plenary debate tomorrow. Seznam Zpravy reports that some of the ruling coalition senators have doubts about the legislation and have not yet decided whether to support it. Meanwhile, President-elect Petr Pavel will take office on Thursday and is expected to comment on the bill the following day.
  • The CNB will release data on its FX reserves and interventions at the top of the hour. It likely didn't have to prop up the Koruna as EUR/CZK continues to operate in the vicinity of multi-year lows.
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