Having left monetary policy unchanged earlier today, the Czech MPC struck a dovish note at this afternoon’s press conference, although it looks like the strength of the latest economic data prevented this rhetoric from being matched with action. We expect policy to remain extremely loose over the next couple of years. Elsewhere, the decision by the National Bank of Ukraine to lower its discount rate by 500bp was clearly a response to the debt restructuring deal and easing pressure on the hryvnia. Further rate cuts look likely, but monetary conditions will remain tight.
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