Macro Analysis /
Czech Republic

Czech Republic: CNB repeats vote pattern; GDP, inflation projections upgraded

  • We believe members voted in same way as in June, so outliers were likely Benda (50bp hike), Dedek and Michl (no change)

  • New forecast raises GDP growth projection to 3.5% in 2021; it can be argued that previous forecast was low to begin with

  • We expect 25bp hikes at each of three next meetings in 2021 as most likely scenario, bringing policy rate to 1.50%

Metodi Tzanov
5 August 2021


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