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Dedek Favors FX Intervention Over Rate Hikes

CZECHIA
  • The Czech central bank should refrain from further interest-rate increases and instead curb inflation with market interventions to defend the koruna, according to board member Oldrich Dedek (BBG).
  • As a reminder, Dedek has been one of the two CNB doves (along with Michl), constantly voting to keep rates steady as he believes that inflation has been driven by external factors outside of the monetary policy realm.
  • We have seen recently that the CZK has remained unexpectedly strong despite the Euro weakness, with EURUSD sinking below parity last week.
  • On the other hand, CNB Holub mentioned in an interview that CNB may need to raise rates again following the large print in inflation.
  • Holub said that Czech inflation is likely to peak around 20%.
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