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Zamrazilova Says Inflation Needs To Reach Single Digits Before CNB Could Cut Rates

CZECHIA
  • CNB Deputy Governor Eva Zamrazilova told Reflex magazine that she does not expect rate cuts until inflation eases to single-digit levels and "is clearly heading somewhere to the corridor of +1% to +3% Y/Y." The official had already outlined these conditions in an interview a few weeks ago, when she also told Bloomberg that she would first like to review Q2 wage and household consumption data before discussing rate cuts. In her comments for Reflex, Zamrazilova reiterated her preference for interest-rate stability, noting that a "short-term, dramatic" monetary policy action would not be effective in curbing inflation.
  • According to Seznam Zpravy, Czechia's main opposition ANO movement is struggling to rid rebel MP Ivo Vondrak of his two high-level positions. Vondrak currently serves as Governor of the Moravian-Silesian region and Chairman of the parliamentary Education Committee. Regional ANO lawmakers defended Vondrak from losing his gubernatorial post, while he noted that he is not planning to resign as committee head at the moment. Vondrak parted ways with ANO after supporting Petr Pavel in the recent election and speaking against the candidacy of ANO leader Andrej Babis.
  • Bloomberg reports that the government's budget advisory council is set to review the Finance Ministry's latest economic forecasts and fiscal outlook.
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