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Tomas Holub Says Central Bank Could Debate Rate Cuts Near Year-End

CNB

Wires are picking up comments from CNB's Tomas Holub who told Patria.cz that the discussion about the possible start of the rate-cut cycle is possible at the end of this year, when the central bank will have a clearer outlook for inflation expectations.

  • The official said that "the koruna helps us in the fight against inflation," but he is "against the long-term use of the koruna as an instrument of monetary policy." He added that in his opinion the central bank shouldn't actively try to strengthen the CZK.
  • Governor Ales Michl repeatedly mentioned koruna strength as a key tool of monetary policy. He recently told CT24 that it is the "alpha and omega" of his approach, adding that he would like Czechia to have a strong currency "throughout his mandate."
  • Holub's comments come after his colleague Jan Kubicek flagged the potential for cutting rates in late 2023 or early 2024 but played down concerns about inflation expectations, arguing that data suggests they are less elevated than speculated.
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