Having kept its policy interest rate and exchange rate ceiling unchanged earlier today, the Czech MPC struck a less dovish note at this afternoon’s press conference. For now, we remain of the view that the Council will keep interest rates near zero and maintain the exchange rate ceiling in place at its current level both this year and next. However, judging by today’s comments, there now appears to be a small risk that the Council might bring ultra-loose monetary policy to an end sooner than we are forecasting.
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