PRAGUE -Czech President Milos Zeman will appoint new members to the Czech National Bank board on Dec. 14, the president said on Sunday.
President Zeman did not say who would replace two board members – Vice-Governor Marek Mora and board member Oldrich Dedek – whose terms expire in mid-February.
“In the case of the new members of the central bank board, whom I will appoint on Wednesday, the appointment comes some time before they take office, that is a common practice,” Zeman said in an interview broadcast live on Czech Radio.
Under the Czech constitution, the president has sole power to appoint central bankers.
The seven-member board will hold its next policy meeting on Dec. 21 to decide on the main interest rate, currently at 7.00% after a tightening cycle raised it by 675 basis points between June 2021 and June 2022.
Czech inflation hit 18% in September before easing to 15.1% in October as state energy allowances to ease the impact of soaring energy prices began to have an effect. November data on the consumer price index (CPI) development are due on Dec. 12.
Several board members, including Governor Ales Michl, suggested that inflation might be already peaking, in line with the central bank staff macroeconomic forecast.
At the last three policy meetings the board voted 5-2 for stable rates.