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Ad-hoc reports: CNB stays on hold as expected but acknowledges risks

9/23/2020 6:43 PM

As broadly expected, the CNB left monetary policy unchanged at today's board meeting. The latest economic developments were seen as not diverging from those outlined in the latest CNB forecasts. CZK weakening was again called a natural stabiliser. We expect policy rates to remain unchanged until 1Q22. If the CNB sees the need to loosen monetary policy, we think it would do so by CZK devaluation.

Autor: Michal Brožka
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