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CNB's Zamrazilova Argues That Rates Are High Enough, Wage Decline Smaller Than Forecast

CZECHIA
  • CNB Deputy Governor Eva Zamrazilova told Info.cz website that a further increase in interest rates would not be very effective in containing inflation and expressed her preference for tightening monetary policy via the exchange rate channel. She suggested that the CNB's FX policy was an equivalent of around 75bp worth of rate hikes and while "exporters are starting to get angry, we all have to bear the pain of restrictive monetary policy." Zamrazilova suggested that she might consider raising interest rates if core inflation becomes persistent, albeit this wouldn't be her preferred solution. This came after she tweeted that a larger-than-expected drop in Czech household demand in Q4 is a "strong argument" against raising interest rates further.
  • Prime Minister Petr Fiala vowed to keep seeking the necessary fiscal consolidation even if it proves unpopular with the public after parliament approved a controversial bill to slow pension growth. The opposition said it will challenge the legislation in court over procedural matters, while President-elect Petr Pavel refused to reveal his view until he formally takes office this Wednesday. The government wants the bill to pass all stages of the legislative process by March 22 for it to be effective this year.
  • Czechia's average real monthly wages fell 6.7% Y/Y in the final quarter of last year versus -7.8% expected.
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