Central Bank Governor Appointed

President Vaclav Klaus appointed Miroslav Singer as the new governor of the Czech central bank on June 18, replacing Zdenek Tuma. Singer previously served as the vice-governor of the central bank and was seen as a leading candidate for the appointment. We believe that this as a positive development for Czech monetary policy since Singer is, in our view, a continuity selection ensuring that policy expectations remain largely unchanged. President Klaus must now appoint a board member to replace Singer, with two further appointments required next February when the terms of Pavel Rezabeck and Robert Holman end.

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