CNB signals end of tightening cycle after June fine-tuning hike – Commerzbank

According to Commerzbank’s Tatha Ghose, remarks by Czech National Bank (CNB) deputy governor Eva Zamrazilova suggest that the 25 basis-point rate hike in June was a fine-tuning measure rather than the start of a prolonged tightening phase.

The interpretation implies the CNB is now likely to pause, with no further rate increases anticipated in the near term. The comments provide clarity on the central bank’s policy stance, which had been uncertain after the surprise move in June.

Commerzbank’s view reinforces expectations that the koruna will remain range-bound as the CNB shifts to a wait-and-see approach.