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Prochazka Signals Flexibility In Monetary Policy

CZECHIA
  • CNB's Jan Prochazka told Cesky rozhlas Plus that the central bank has started a rate-cutting cycle, "but we can stop it at any time" and "we can also speed it up at any time". The official noted that it is unhelpful when central bankers flag data-dependence or pledge to proceed on a "meeting-by-meeting" basis, but "this time it's true" for the CNB. He added that the market expects the CNB to reach the neutral interest rate of around 3.5% by the end of this year. Prochazka refused to express his views on whether Czechia should join the eurozone, but stressed that the domestic economy is becoming increasingly "euroised" in any case.
  • Czechia's unemployment rate ticked higher to 3.7% in December from 3.5% prior, in line with expectations.
  • The CNB will publish data on international reserves as of December 31 and FX transactions in November at 09:00GMT/10:00CET.
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