Holub and Benda from the NB leadership spoke

In an interview with Bloomberg, he stated only bank board NB Tom Holub, from the point of view of the impact on set monetary conditions for the Czech economy answer recently sent crown zven repo rates o quarter and pl percentage points.– Neither the release of anti-pandemic restrictions nor good at first regarding early availability vaccine therefore, according to him, do not dvod k vahm o faktickm zvёvn repo rates NB two not in the second half of ptho year. This reversal actually confirms the basic outlines of the last forecast NB.– He knows the conversation of another member of the bank board NB Vojtech Bendy was unequivocal for Reuters. Summary of data from reln economy expired msc (HDP in the 3rd quarter, wages, labor market) moves according to Bendy insight inflation In the forward direction, by sending a recent exchange rate, this shift is only compensated by the wall.- From here, it could be concluded that, according to Benda, it would be possible to consider two for the first increase in rates, which is not indicated by the last forecast. NB zveejnn before mscem. The following statement in the interview was confirmed by a change in the forecast: if this development continues in line with the forecast, there will be a five-year challenge when we will start to monetary policy again.- According to Benda, the pandemic situation is developing in accordance with the assumptions made in the forecast. He literally pointed out that he had scanned the dream and, kter nyn projednv Sent, would lead to faster growth economybut neither would it NB to the two rate increases probably did not decrease. According to him, the Bank Board is very careful about the tightening of policy changes, even at the cost of the risk of a slow return. inflation k cli.- According to him, the weight on the part of the bank board on the loosening of the policy currency using unconventional instruments is very unlikely. However, he admitted that if a large fiscal expansion would lead to an increase in the risks of piracy in Czech sttnch bonds (and thus to the growth of medium-term koruna input), then centrln banka had to think about whether this is compatible with the full inflation rate and if you should not even think about whether to resign the repertoire of new political instruments about the moderation of the input curve on long tenors.

Michal Skoepa

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