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Governor Michl Says Rate Stability "Correct For Now," Advocates Stronger Koruna


The Czech National Bank publishes an op-ed written by Governor Ales Michl for Mlada fronta DNES today. The Governor summarises how the central bank fights inflation in a bullet-point format.

  • The short-term interest rate in the Czechh Republic is at the highest level since 1999, which "significantly slows down the growth of the amount of money in the economy." Meanwhile, "demand pressures on inflation arising from the domestic economy are easing and household consumption is falling," so "the policy of interest rate stability is correct for now."
  • The Bank Board will monitor incoming economic data. At the December 21 meeting, "it will decide whether rates will remain stable or increase (if, for example, demand-side inflation threatens to accelerate again)."
  • A strong Koruna should become a long-term priority for both the government and the central bank. In order to achieve that, interest rates should stay higher for longer, public deficit should be reduced and the increase in wages should correspond to the increase in labour productivity.
  • Click here for the full piece (in Czech).

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