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CNB's Prochazka Says Rates Won't Drop So Fast

CZECHIA
  • CNB's Jan Prochazka told Patria.cz that the central bank is unlikely to cut the main policy rate as fast as the market expects. The official noted that current pricing implies reducing the key rate twice already this year and bringing it to around 3.50% at the end of next year - which would be "definitely" too low, too fast. Prochazka explained that while he is optimistic about the inflation outlook, but upside risks remain. He said that the discussion on the strategy for loosening monetary policy also involves the question of where the CNB sees the neutral level of the policy rate today. According to Prochazka, the Bank Board sees it within the 3%-4% interval and he personally thinks that it is in the middle of that band. The Bank Board will announce its next monetary policy meeting on November 2, alongside the release of a new macroeconomic forecast.
  • President Petr Pavel will open the second Parliamentary Summit of the International Crimea Platform. The forum was inaugurated in 2021 to help coordinate the international response to the occupation of the peninsula. Czech Chamber of Deputies Speaker Marketa Pekarova Adamova told Radio Liberty that the Western response to the Russian annexation of Crimea in 2014 was "insufficient" and a demonstration of weakness, which entails the need to now show unity on the matter.
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