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Zamrazilova Says Fiscal Consolidation Package Will Help To Curb Inflation

CZECHIA
  • CNB Deputy Governor Eva Zamrazilova told CT24 that the current level of interest rates and a strong exchange rate create sufficiently tight monetary conditions to contain inflation and bring it to the target. The official said that the Bank Board continues to debate whether to raise interest rates or hold them steady, but she sees little benefit from further hikes (albeit is not thinking about cuts either). Zamrazilova assessed that the government's fiscal consolidation plan will likely reduce the "inflationary impulse" and lower the odds of another increase in interest rates.
  • Note that Governor Ales Michl had earlier suggested that the central bank would have a preliminary analysis of the austerity measures "within a few weeks," with members set to pay attention to the exact structure of the fiscal consolidation package. The Bank Board had the opportunity to discuss the measures with Prime Minister Petr Fiala and Finance Minister Zbynek Stanjura, who visited central bank headquarters yesterday to speak with rate-setters.
  • Prime Minister Fiala doubled down on the need to contain inflation in an interview this morning. He told CTK that a debate on the adoption of euro would be premature, given that Czechia does not meet the Maastricht criteria, and his government wants to devote its attention to curbing price pressures and reducing budget deficit. Fiala added that after the adoption of the austerity package and the pension reform, the government will focus on speeding up and implementing large strategic investment projects and will set up a special committee coordinating these efforts within weeks.
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