Monetary Policy Division Chief Quits Amid Alleged Tensions With New Management: HN

Hospodarske Noviny daily newspaper reports that Dana Hajkova, Director of the CNB’s Monetary Policy and Fiscal Analyses Division, has tendered her resignation at the end of last week. The central bank noted that her resignation was due to family reasons, but the newspaper points to alleged tensions between the CNB's new management and staff preparing documents for the Bank Board.

• Hajkova and her team participate in drafting the documents that inform the Bank Board's monetary policy decisions. She refused to comment on the press reports as she is "still a CNB employee." Hajkova will remain in her position until the end of the month after working at the CNB for almost 17 years.
• This will be the third resignation of a high-profile CNB official since Ales Michl was appointed Governor last year. Jana Bacova stepped down as Executive Director of the General Secretariat, while Marketa Fiserova resigned as Director of the Communications Department.
• The details of Hajkova's departure are unclear, but it is worth noting that the Bank Board has chosen not to follow staff recommendations, which imply a higher terminal rate level followed by earlier cuts. Instead, the Bank Board is looking to smooth out the interest-rate path and stick with the current settings for longer.