FACTBOX-Who is who on Czech central bank policy board

28.06.2007 | , Reuters
Zpravodajství ČTK


perex-img Zdroj: Finance.cz

June 28 (Reuters) - Only five of the seven Czech central bank policymakers vote on interest rates at Thursday's meeting, which follows a...

...quarter of a percentage point hike last month bringing the main rate to 2.75 percent .

Vice-Governor Miroslav Singer, a moderate now showing signs of hawkishness, and dovish board member Robert Holman do not attend.

The board might consider raising interest rates again on Thursday, but a vast majority of analysts expects policymakers to decide to wait for a quarterly update of inflation projections due in July before tightening policy further.

For a Reuters poll on analysts' interest rate expectations, click on [ID:nL22628428].

Below is the line-up of the CNB governing board, background on policymakers' general preferences and a history of the past five rate moves.

=================CENTRAL BANK GOVERNING BOARD==================

GOVERNOR ZDENEK TUMA, 46 years old, mandate until Feb 2011.

- has sounded largely hawkish in recent public statements; the budding risk of demand-pull price growth is seen making him reassert his inflation-fighting credentials given his general responsibility for maintaining price stability as the bank's chief executive.

VICE-GOVERNORS:

LUDEK NIEDERMAYER, 41, mandate until Feb 2008.

- seen generally leaning towards hawkish views on inflation;

MIROSLAV SINGER, 39, mandate until Feb 2011.

- a moderate who has recently been tending towards hawkish, albeit very pragmatic, policy views; advocate of flexible policy stance; has said he is not afraid of calling for frequent policy changes in order to ensure interest rates are kept as low as possible.

OTHER MEMBERS:

MOJMIR HAMPL, 32, mandate until Nov 2012.

- seen as pragmatic but leaning towards dovish views; spoke against any near-term rate rise in mid-May; he says he sees himself as an owl rather than hawk or dove, seeking to watch the economy develop without too much interference but not hesitating to peck when need be.

ROBERT HOLMAN, 53, mandate until Feb 2011.

- said earlier this month he saw no significant pro-inflationary risks after the rate hike in May; says as a general rule, he prefers stability in interest rates to frequent change so as not to disturb the real economy.

PAVEL REZABEK, 46, mandate until Feb 2011.

- pragmatic advocate of accommodative policy stance; speaks in favour of letting inflation both rise and fall within the plus/minus 1 percent tolerance band around the bank's 3 percent inflation target.

VLADIMIR TOMSIK, 33, mandate until Nov 2012.

- seen generally leaning towards the dovish wing of the board and cautious about tightening policy but has spoken about need for higher interest rates given the strength of the economy this year; has repeatedly criticised the CNB's track record of undershooting its inflation target and missing inflation forecasts.

=================FIVE MOST RECENT RATE CHANGES============

May 2007: 25 basis point hike to current 2.75 percent

September 2006: 25 basis point hike to 2.50 percent

July 2006: 25 basis points hike to 2.25 percent

October 2005: 25 basis points hike to 2.00 percent

April 2005: 25 bps cut to an all-time low of 1.75 percent

(Compiled by Marek Petrus in Prague)

Click on [ID:nL28700042] for CNB board members recent remarks on policy.

Keywords: CZECH CENTRALBANK/BOARD

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