Michl stated that cost and demand inflationary pressures are fading in the Czech economy. Demand remains subdued thanks to strict monetary policy, and the risk of a wage-inflationary spiral did not materialize. According to the CNB’s new forecast, market interest rates should fall rapidly this year. But Michl said that in the first and second … Read more
Michl pointed out that despite the current reduction, interest rates in the coming quarters will be higher than the CNB’s macroeconomic forecast would have predicted. He emphasized that the Bank Board is ready to respond adequately to the eventual fulfillment of the risks of the forecast. They assess these risks as pro-inflationary, in particular the … Read more
CNB Governor Aleš Michl is fulfilling his long-term goal of concentrating one hundred tons of gold in the Czech National Bank. Only during his tenure at the head of the bank, approximately five and a half tons of gold were added to its safes, while the purchases of the precious metal are still increasing. From … Read more