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Some MPC Members See High Rates For Longer

CZECHIA
  • Some CNB policymakers see high rate lasting for longer according to the central bank minutes (of Feb 3 meeting) released earlier.
  • Yesterday, the Czech Banking Association lowered its growth projections for this year to 3.7%, down from 3.9% in its November outlook.
  • We previously saw that the aggressive tightening cycle run by the CNB to combat inflation could start to significantly weigh on the economic activity in the medium term.
  • Next important data to watch will be January CPI inflation coming out on February 14; Based on the current few sell-side estimates, CPI is expected to accelerate to 9.4% (from 6.6% in December).

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