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MNI CNB Preview - December 2022: Rate Stability Continues

Executive Summary:

  • Expected to keep interest rates and FX regime unchanged, most likely in a 5-2 vote.
  • Recent central bank communications suggest that the doves calling for interest-rate stability still hold sway in the Bank Board.
  • Sell-side analysts are unanimous in expecting the CNB to stand pat this week.

Full preview including summary of sell-side views here:

MNI CNB Preview - December 22.pdf

The Czech National Bank are expected to keep interest rates on hold this week, with the Bank Board dominated by a dovish majority since the overhaul of its composition earlier this year. Consensus calls for no change to the Repurchase Rate, with no dissenters among the 18 economists surveyed by Bloomberg. With the next batch of economic projections not due until the February meeting, this week’s announcement is unlikely to rock the boat.

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