October 31, 2019 / 6:34 AM / 21 days ago

Czech cenbank's Michl says he has no plans to vote for rate hike - magazine

PRAGUE, Oct 31 (Reuters) - Czech National Bank board member Ales Michl said he has no plans to vote for a rate hike, suggesting he intended to stick with his steady stance, according to comments published in weekly magazine Ekonom on Thursday.

The central bank will decide whether to move its main two-week repo rate or to keep it at 2.00% at its next meeting on Nov. 7, as it balances inflationary pressures at home with weaker prospects abroad.

“Since I joined the board in December 2018, I have pushed for one moderate rate hike. We did it in May. I have been voting for stable rates ever since, I would leave the economy be,” Michl said in the interview.

At the last monetary policy meeting on Sept. 25, the board voted 5-2 to keep rates unchanged.

Michl’s colleague, Tomas Holub, said on Wednesday that the board’s debate is currently about either stable rates or a hike.

“If there was a danger that the industry’s flirting with recession turns into a relationship, then a rate cut would be warranted,” Michl said.

Michl’s colleague, Oldrich Dedek, said on Tuesday that a rate cut was “very far away”. (Reporting by Robert Muller; editing by Jane Wardell)

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