Research (J&T BANKA)
Macroeconomics  |  September 19, 2012 08:41:10

Singer (CNB) clearly suggested the possibility of a rate cut at the September board meeting

CNB Governor Singer in an interview on Tuesday for MF Dnes clearly indicated that in September, can lead to further reduction in the rates (0.50% -> 0.25%), which is an expected step. The governor said that the decline in interest rates to zero means depletion of one instrument (interest rates) and may trigger a discussion on the use of non-standard instruments - negative rates, purchases in the bond market, liquidity injections into the financial system, intervention in the foreign exchange market and different verbal intervention. In our opinion, considered non-standard tools do not make sense or does not bring the expected significant effect due to the conditions and the state of the economy and excess liquidity in the banking sector.Economy precipitated mainly household caution and fear of future development (the euro crisis, budget cuts, recession), but these expectations CNB can not easily influence. We expect that the next meeting (9.27) will reduce interest rates (0.50% -> 0.25%) and maybe even the promise of further reductions. Real use of non-standard instruments do not expect.

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