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Zeman To Appoint New Bank Board Members, CPI Quickens More Than Expected

CZECHIA
  • President Milos Zeman said he will appoint new members of the CNB's Bank Board Wednesday but refused to disclose the names of the candidates. His nominees will replace Marek Mora and Oldrich Dedek, whose terms expire on February 13. With the two appointments, the President will complete a major overhaul of the Bank Board which tilted the panel towards a more dovish orientation in summer. Zeman also indirectly confirmed that he is considering the appointment of the new Constitutional Court Chairman, even as the post will only be vacated in August. The President has come under criticism for nominating top public officials in the final weeks of his tenure, with Czechia set to hold a presidential election next month.
  • Bank Board's Kubelkova said that Czech banks are very well capitalised and prepared to stand a stress test posed by an economic slowdown. She added that the CNB has sizeable foreign reserves and will prevent excessive fluctuations in the Koruna.
  • Czechia's headline CPI accelerated more than expected to +16.2% Y/Y last month (versus +15.8% estimate). Core inflation data will be published on CNB website alongside the central bank's comments at 1300CET/1200GMT.
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