Governor Singer says recent data confirm outlook on fx tool

The recent data are broadly in line with the CNB’s expectations and imply no change in the current CNB Bank Board’s outlook, outgoing CNB Governor Miroslav Singer said in an interview for CTK news agency today. He said there are some deviations from the forecast in either directions but none of them signals a significant change. Economy is developing like expected and the pressures to prompt the CNB tighten monetary policy would appear around the middle of next year, Singer explained. The current position of the board is that the weak crown policy will remain into 2017 with the most probable fx tool exit time around mid-2017. Singer also said he expects economy to be relatively calm next year. After economy slows in 2016 on the expiration of one-off effect of drawing of EU money it should post stronger and healthy growth in 2017, the governor concluded.

Singer will leave the CNB at the end of June. He has applied for the post of vice-governor of Council of Europe Development Bank (CEB) but he doubts he would win the job, he told CTK. The governor said he will most probably return to the private sector after his term expires.

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