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Zeman To Name Two CNB Policymakers, Kubelkova Says Rate Cuts Are Not An Option

  • President Milos Zeman will appoint two CNB Bank Board members to replace outgoing policymakers Marek Mora and Oldrich Dedek, whose terms expire in February. Local media outlets suggested that one of the nominees could be Milan Zimacek, who currently serves as an advisor to the Bank Board. The other two potential candidates are Lubor Lacin and Jan Prochazek. The announcement is expected at 1400GMT/1500CET.
  • Bank Board's Karina Kubelkova struck some hawkish notes this morning as she flagged the possibility of further rate hikes and said that cutting rates is not on the table at the moment. The official told E15 daily that inflation should ease to single digits next year and reach the +2.0% Y/Y target in 1H2024, but an unexpected rebound could prompt the CNB to tighten policy.
  • Czechia will report its current account balance for October at the top of the hour.

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