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Michl Reiterates That He Will Propose Rate Stability After Taking Over in July

CZECHIA
  • Incoming Governor Michl reiterated yesterday that he will propose rate stability after taking over in July as current rates are sufficient to tame demand risks.
  • Two-thirds of Czech inflation are cost-driven, imported, according to Michl.
  • Michl also said that CZK was impacted by speculative flows following his appointment, and favors strong CZK based on LT capital inflows.
  • Michl added that he plans to increase the return on FX reserves by raising the level of stocks and gold.
  • Yesterday, CNB Benda said that it was too early till to predict the outcome of the June rate meeting,

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