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Holub Says Rate Cut in 2023 Can't Be Ruled Out


EURCZK spiked after comments crossed wires from an interview with the CNB's Holub, who said that a first rate cut in 2023 cannot be ruled out. Highlights from the interview:

  • We see clear signs that inflation is falling, We strongly believe that early next year we will get to low single digit inflation
  • The paragraph on lowering rates this year: "We cannot rule out that we will start lowering interest rates this year. Then, of course, the key figures for us will be the development of inflation in January and February."
  • "Based on that, we will see how the usual revaluation of goods and services at the beginning of the year took place, if it was within the standard range, or if the increased inflation in the economy settled a little more than we would have liked."
  • "If the January and February revaluations are favorable in terms of meeting our two percent inflation target, then the downward path for interest rates will be relatively clear, at least from my point of view."
See the full interview (in Czech) here.

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