UPDATE 1-Czech president meets c.bank governor on Friday

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PRAGUE, Nov 23 (Reuters) - Czech President Vaclav Klaus invited central bank (CNB) Governor Zdenek Tuma for talks on Friday, which are expected to at least partly focus on a possible replacement of one or two CNB policymakers.

The president's office declined to provide any details about the meeting which will take place just a few days before the six-year mandates of two of the CNB's seven policymakers -- Michaela Erbenova and Jan Frait -- are due to end on Nov. 30.

Klaus, who has the sole power to pick central bankers without either the government or parliament having to agree, has yet to say whether or not he will reappoint either.

No obvious candidate to replace either has surfaced and Klaus' spokesman Petr Hajek did not say whether the president would announce his decision on Friday or at a later date.

But sources inside and outside the bank have told Reuters Klaus looks likely to replace at least one of them, probably outspoken inflation dove Frait.

They said, however, that any replacements are unlikely to change the conduct of monetary policy at the bank but could reinforce its cautious stance towards euro adoption, delayed from an original 2010 target date.

Both Erbenova and Frait joined the CNB's board -- which sets interest rates and runs exchange rate policy in the European Union member -- on Dec. 1, 2000.

The policy meeting on Nov. 30 will be their last in the current term, with analysts predicting the key rate to stay at 2.50 percent, after 75 basis points worth of hikes since credit costs rose from an all-time low in October 2005. ((Reporting by Marek Petrus; Reuters Messaging: rm://marek.petrus.reuters.com@reuters.net; e-mail: prague.newsroom@reuters.com or marek.petrus@reuters.com; Tel: +420 224 190 477; Editing by Ron Askew))

Keywords: ECONOMY CZECH CBANKER