FACTBOX-Who is who on new Czech central bank policy board

28.11.2006 | , Reuters
Zpravodajství ČTK


perex-img Zdroj: Finance.cz

Nov 28 (Reuters) - Two new members -- economist Vladimir Tomsik and former business manager and analyst Mojmir Hampl -- will join the Czech central bank's (CNB) seven-strong policy board this week.

The two replace hawkish-leaning Michaela Erbenova and outspoken inflation dove Jan Frait whose six-year mandates expire on Nov. 30.

The following is the new line-up of the seven-member 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.

- seen increasingly hawkish as the outlook for demand-pull price growth leads him to reassert his inflation-fighting credentials given his general responsibility for maintaining price stability as the bank's chief executive.

VICE-GOVERNORS:

LUDEK NIEDERMAYER, 40, mandate until Feb 2008.

- seen generally leaning towards hawkish views on inflation; vociferous in his criticism of the lack of political will to push spending reforms to curb a burgeoning fiscal deficit.

MIROSLAV SINGER, 38, mandate until Feb 2011.

- seen tending towards 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.

MEMBERS:

MOJMIR HAMPL, 31, mandate until Nov 2012.

- analysts expect him to be pragmatic and have no clear bias; he says wants to contribute to maintaining monetary policy as a stable anchor for the economy, which fuels no unnecessary swings in economic output.

ROBERT HOLMAN, 52, mandate until Feb 2011.

- says as a general rule, he prefers stability in interest rates to frequent change so as not to disturb the real economy.

PAVEL REZABEK, 45, 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, 32, mandate until Nov 2012.

- analysts expect him to lean towards the dovish wing of the board; criticised the CNB in the past for undershooting its inflation target and is expected to be cautious about tightening policy; he says wants to be pragmatic in policy deliberations.

===========HISTORY OF FIVE MOST RECENT RATE CHANGES============

September 2006: 25 basis point hike to current 2.50 percent

July 2006: hike by 25 basis points to 2.25 percent

October 2005: hike by 25 basis points to 2.00 percent

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

March 2005: cut by 25 bps to 2 percent

(Compiled by Marek Petrus in Prague)

((Editing by David Christian-Edwards; 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))

Keywords: CZECH CENTRALBANK/

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