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Reducing Inflation Remains The CNB Priority (Michl)

CZECHIA
  • New CNB Governor Michl mentioned in an interview that reducing inflation is the priority as investors have been questioning how the new board will tackle the high inflation in recent weeks.
  • Interestingly, Michl (and ‘dove’ Dedek) voted to keep rates unchanged a the June 22 meeting.
  • In his opinion, the three key conditions for bringing inflation down are to reduce the country’s level of debt, stabilize the repo rate at a higher than usual level and not let wages be indexed to inflation.
  • This morning, economic data showed that PMI manufacturing fell to 49 (below the threshold line that separates growth from contraction), down from 52.3 (and vs. 51 exp.).
  • Vice Governor Eva Zamrazilova and board members Jan Frait and Karina Kubelkova are also scheduled to take office on Friday (BBG).
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