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CNB's Michl Reiterates Preference For Strong Koruna, Parliament To Debate Pension Bill

CZECHIA
  • CNB Governor Ales Michl reiterated his preference for a strong exchange rate in his regular column in Mlada Fronta Dnes. Central bank chief has repeatedly suggested that he sees Koruna strength as a key factor taming inflation as interest rates remain stable. Meanwhile, his hawkish Bank Board colleague Tomas Holub told E15 that monetary policy should be tighter in order to prevent a scenario in which policymakers would have to keep rates high for a long time or raise them again further down the line.
  • The government prepares for a battle over its plan to reduce pension indexation. CNB's Eva Zamrazilova on Sunday backed the idea of adjusting the way the government calculates pension hikes as "there is no money for that in public finances." Meanwhile, opposition parties threatened to file lawsuits and use filibuster, with top ANO lawmaker Alena Schillerova appearing in parliament with a sleeping bag. The debate on the bill that would slow the automatic pension hikes will start on Tuesday.
  • President-elect Petr Pavel will hold his weekly news conference at 11:00CET/10:00GMT ahead of his inauguration next week.
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