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MNI CNB Preview - August 2022: CNB Likely To Keep Rates Unchanged

The CNB is likely to keep its benchmark rate steady at 7% on August 4, marking the first pause since the beginning of the tightening cycle in June 2021.

Executive Summary:

  • The CNB is likely to keep its benchmark rate steady at 7% on August 4, marking the first pause since the beginning of the tightening cycle in June 2021.
  • The ‘new’ CNB board seems to be keener on favouring FX interventions to support the koruna instead of rising rates as the economic outlook keeps deteriorating.
  • Median estimate is standing at 7.25%, with analysts’ consensus split between no change and a 25bps hike.

Link to full preview:

CNB Preview Aug 4 - Final.pdf

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Executive Summary:

  • The CNB is likely to keep its benchmark rate steady at 7% on August 4, marking the first pause since the beginning of the tightening cycle in June 2021.
  • The ‘new’ CNB board seems to be keener on favouring FX interventions to support the koruna instead of rising rates as the economic outlook keeps deteriorating.
  • Median estimate is standing at 7.25%, with analysts’ consensus split between no change and a 25bps hike.

Link to full preview:

CNB Preview Aug 4 - Final.pdf

Keep reading...Show less