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MNI BRIEF: CNB June Minutes Highlight Wages, Currency Risk To Inflation

(MNI) LONDON
​Czech National Bank cut rates by 50bps last month, but slower pace of easing expected ahead.
Czech RepublicHomepageEM Policy NewsRegionCEEMEAEM BriefEM Central Bank NewsGlobalStoryCzech National Bank

MNI (LONDON) - Five members of the Czech National Bank’s rate-setting committee voted for a 50 basis-point cut while two were in favour of lowering interest rates by 25bp given upside inflation risks, notably for wages, minutes of June’s Bank Board meeting showed on Monday.

The CNB lowered its benchmark two-week by half a point to 4.75%, a level seen as still “significantly restrictive.” However, governor Ales Michl said that at coming meetings the Board should discuss the option of slowing the decline in rates or stabilising policy for “some time,” with the fight against inflation “far from over.” (See MNI EM INTERVIEW: CNB Leaning Towards 50BP Cut - Ex-Governor Singer)

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MNI (LONDON) - Five members of the Czech National Bank’s rate-setting committee voted for a 50 basis-point cut while two were in favour of lowering interest rates by 25bp given upside inflation risks, notably for wages, minutes of June’s Bank Board meeting showed on Monday.

The CNB lowered its benchmark two-week by half a point to 4.75%, a level seen as still “significantly restrictive.” However, governor Ales Michl said that at coming meetings the Board should discuss the option of slowing the decline in rates or stabilising policy for “some time,” with the fight against inflation “far from over.” (See MNI EM INTERVIEW: CNB Leaning Towards 50BP Cut - Ex-Governor Singer)

Keep reading...Show less