FACTBOX-Czech central bankers' recent remarks on policy

...record highs against the euro and the dollar 
and the outlook for euro zone and U.S. growth has worsened. 
    All but one of 16 analysts polled by Reuters last week 
expected the CNB to hold the two-week repo rate at a five-year 
high of 3.25 percent at Thursday's meeting, after 150 basis 
points worth of hikes between October 2005 and August 2007. 
    Forward money market rates  are fully discounting a 
rise to 3.75 percent by the end of the year. 
    Following are extracts from recent comments from CNB board 
members. 
 
 =========================COMMENTS============================== 
 
    BOARD MEMBER VLADIMIR TOMSIK, PRESENTATION TO REGIONAL 
CHAMBER OF COMMERCE ON SEPT 24, RELEASED ON SEPT 25 
    "It still holds true that we are finding ourselves in the 
period of rising rates." 
    "However, the bank board is not automated and individual 
members differ in what weight they assign to the risks to the 
inflation projection. This leads to differing opinions, 
particularly on the timing of a rate rise." 
    STORIES: [ID:nL25488012] [ID:nL25451549] 
    Presentation in Czech: 
   
http://www.cnb.cz/www.cnb.cz/cz/konference_projevy/vystoupeni_projevy/download/singer_tomsik_20070924_hosp_komora_ostrava.pdf 
     
    VICE-GOVERNOR MIROSLAV SINGER, PRESENTATION TO REGIONAL 
CHAMBER OF COMMERCE ON SEPT 24, RELEASED ON SEPT 25 
    "The impact of turbulences (in global financial markets) on 
the Czech economy will largely be indirect and probably 
limited." 
    Presentation in Czech: 
    
http://www.cnb.cz/www.cnb.cz/cz/konference_projevy/vystoupeni_projevy/download/singer_tomsik_20070924_hosp_komora_ostrava.pdf 
 
    TOMSIK, INTERVIEW WITH BLOOMBERG NEWS AGENCY, SEPT 19 
    Economic data "are in line with the forecast, which 
anticipated higher rates. What surprised us was the exchange 
rate. 
    "That's why I'm saying to myself that yes, the latest data 
indicate that rates could remain unchanged. I really don't see 
any clear, strong inflationary factor." 
    STORY: [ID:nL19385744] 
 
    BOARD MEMBER MOJMIR HAMPL, REMARKS TO DAILY HOSPODARSKE 
NOVINY, SEPT 17 
    "So far we are not in a situation where wage growth would 
begin to overtake the productivity rise." 
    "But I must stress the words 'so far'. There is a risk that 
wages may get unleashed by the dwindling reserve of available 
domestic workers." 
    STORY: [ID:nL1722057] 
     
    VICE-GOVERNOR LUDEK NIEDERMAYER, WRITTEN RESPONSE TO REUTERS 
QUESTIONS, SEPT 14 
    "It is possible, but not certain, that interest rates have 
now reached a level where it would be possible to leave them 
unchanged for some time. 
    "Uncertainties relate to both domestic and external 
developments. I do not consider the latter as having stabilised 
yet following recent turbulences." 
    RELATED STORIES: [ID:nL14851268] [ID:nL14869673] 
     
    BOARD MEMBER PAVEL REZABEK, SPEAKING IN PARLIAMENT AS 
REPORTED BY CZECH NEWS AGENCY CTK, SEPT 12 
    Companies are beginning to overpay workers because of labour 
shortages and the central bank was concerned and may react in 
the future. 
    STORY: [ID:nL12748119] 
     
    STATEMENT ON AUGUST CPI DATA, RELEASED ON SEPT 10 
    Adjusted inflation, excluding fuels, was lower than expected 
in August and kept overall consumer year-on-year price growth 
0.2 percentage points below the central bank's July forecast. 
    STORY: [ID:nPRA001491] 
     
    C.BANK STATEMENT ON Q2 GDP DATA, SEPT 7 
    Second quarter GDP growth was 0.2 percentage points below 
the central bank's July forecast, though continued growth in 
domestic demand met its expectations. 
    STORY: [ID:nPRA001486] 
     
    MINUTES TO AUGUST 30 POLICY MEETING, RELEASED ON SEPT 7 
    "The members agreed that the ... turbulence in global 
financial markets was not yet significant for the Czech economy 
and the monetary policy settings. 
    "Some of the members viewed the appreciation of the koruna 
and the heightened uncertainty regarding its future evolution as 
a significant downside risk to inflation." 
    STORY:[ID:nL07203646]  
    TEXT: [ID:nL07608900] 
     
    TUMA, NEWS CONFERENCE AFTER MONTHLY MEETING, AUG 30 
    "Our view of the Czech economy has not fundamentally changed 
... Our forecast (unveiled in July) remains in place, and this 
forecast is consistent with a rise in interest rates. 
    "Compared with the previous month, some of the uncertainties 
have probably risen. The future picture has become blurred to 
some, but this does not mean that we harbour any doubts about 
the direction the Czech economy is heading at present." 
    HIGHLIGHTS: [ID:nL30851119] 
    STORY: [ID:nL30781459] 
 
    Click on [ID:nL25747004] for Factbox giving outline of each 
CNB board members' policy stance 
 
 (Compiled by Marek Petrus in Prague) 
  
  Keywords: CZECH CENTRALBANK/QUOTES