September 27, 2017 / 1:19 PM / a year ago

HIGHLIGHTS-Czech central bank governor comments after holding rates flat

PRAGUE, Sept 27 (Reuters) - Following are comments Czech National Bank Governor Jiri Rusnok made on Wednesday after the bank’s board voted 4-3 to keep its main two-week repo rate unchanged at 0.25 percent.


“The discussion was very colorful and rich. It was not so contradictory in a sense whether to raise rates or not because all members unequivocally expressed their understanding that the macroeconomic situation and model calculations and results definitely justify further heading towards normalization of rates, in other words to their gradual increasing.”

“The opinion prevailed - very slightly - that there is nothing burning, we are not in any acute situation that would warrant urgent action in this direction and that it will be beneficiary to wait for the full set of new information coming with the new forecast.

“On one hand, the economy gives a definite picture of itself, on the other hand there are uncertainties and their explanations can improve over time.

“We have debated the outside environment... there will be an ECB meeting at the end of October... that is relevant information for us to a certain extent and it also seemed that it was worth it to wait for that.”

“However, it seems at the moment that those channels through which we are influenced from the outside are less significant in a sense that given the overboughtness of the crown market the exchange rate channel is not without certain distortions.” (Reporting by Robert Muller,; Editing by Michael Kahn)

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