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Tomas Holub Says It's Too Early To Say If CNB Will Slow Pace Of Cuts In June

CZECHIA
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  • CNB's Tomas Holub told public radio that the Bank Board will eventually slow the pace of rate cuts, but it was too early to say if it could happen already next month. The central bank has been cutting rates at the pace of 50bp/meeting at the past three occasions, bringing the two-week repo rate to 5.25%. Holub pointed to May inflation data as the key release ahead of the next monetary policy decision, which will allow policymakers to assess food-price and wage dynamics, while the koruna exchange rate will also be taken into consideration. Asked if the policy rate could be lowered to 4.50% by the year-end, Holub said that the Bank Board could bring it even "somewhat lower," but "it's not possible to make a commitment to this."
  • Majority-state owned utility CEZ proposed a dividend of CZK52/share, which will amount to a total payout of CZK28bn. The annual general meeting will take place on June 24.
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  • CNB's Tomas Holub told public radio that the Bank Board will eventually slow the pace of rate cuts, but it was too early to say if it could happen already next month. The central bank has been cutting rates at the pace of 50bp/meeting at the past three occasions, bringing the two-week repo rate to 5.25%. Holub pointed to May inflation data as the key release ahead of the next monetary policy decision, which will allow policymakers to assess food-price and wage dynamics, while the koruna exchange rate will also be taken into consideration. Asked if the policy rate could be lowered to 4.50% by the year-end, Holub said that the Bank Board could bring it even "somewhat lower," but "it's not possible to make a commitment to this."
  • Majority-state owned utility CEZ proposed a dividend of CZK52/share, which will amount to a total payout of CZK28bn. The annual general meeting will take place on June 24.