FACTBOX-Who is who on Czech central bank policy board

24.11.2006 | , Reuters
Zpravodajství ČTK


perex-img Zdroj: Finance.cz

Nov 24 (Reuters) - The six-year mandates of two of the Czech central bank's (CNB) seven policymakers, Michaela Erbenova and Jan Frait, will expire on Nov. 30.

President Vaclav Klaus said on Friday he will appoint 32-year-old economist Vladimir Tomsik to one of the posts. Klaus has not said whether he will make a new appointment to the second opening, or re-nominate either Erbenova or Frait.

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

For a news report on Tomsik's nomination to the CNB board, double click on [ID:nL24548738].

=================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:

MICHAELA ERBENOVA, 38, mandate until Nov 2006.

- has adopted a hawkish tone in recent months; keeps an eye on impact policy stance may have on financial stability; has spoken of general preference for timely rate moves which could avoid sharper and quicker policy response in the future.

JAN FRAIT, 40, mandate until Nov 2006.

- self-proclaimed advocate of accommodative monetary policy and outspoken dove on inflation.

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.

=====================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; Editing by Alan Crosby/Ruth Pitchford; 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: ECONOMY CZECH CBANKERS

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