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Gov Michl Says Central Bank Adopted Correct Strategy To Contain Inflation

CNB

CNB Governor Ales Michl believes that inflation is still at unacceptable levels, but the central bank has adopted the right monetary policy strategy, which is yielding partial results - according to a summary of his discussions with colleagues from other central banks during the Jackson Hole symposium.

  • Michl reiterated that a year ago the Bank Board adopted an inflation-fighting strategy based on two pillars, namely keeping the policy rate steady at 7% for a longer period of time and maintaining a strong koruna exchange rate.
  • The Governor said that "the problem in the Czech Republic was the quick switch from one extreme to the other - from a period of ultra-low rates and an attempt to induce inflation to a period of ultra-high rates and an attempt to tame inflation."
  • "The intention of the policy of the CNB Banking Board is low inflation as early as 2024. (...) Fiscal policy could provide big help if the fiscal deficit in our country decreased in 2023 versus 2022 and in 2024 versus 2023."
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