Aleš Michl, CNB Governor
Appointment of new CNB Bank Board members
Prague, 14 December 2022
Dear Mr President,
I would like to thank you for appointing a Deputy Governor and two new members to the Bank Board. All three of them have successfully served the Czech Republic and its citizens for many years. And no doubt they will continue to do so.
I am very happy that Deputy Governor Eva Zamrazilová is here with us today. We would like to assure you and the public that the CNB’s absolute priority is to substantially reduce inflation. The effects of monetary policy on the economy become visible with a considerable lag. The first positive results of the new Bank Board’s policy will be evident in spring, when inflation will start to decline. When I was appointed Governor in May, I said that I assumed it would take two years to fight the current type of inflation. Six months later, in line with what I said in May, our forecast expects price stability to be restored in a year and a half, although it will be painful.
An equally important task is to ensure that the Czech koruna remains strong. The Czech National Bank will continue to prevent excessive fluctuations of the koruna. Our task is also to make sure that our financial sector remains stable and supports the economy even during hard times. Judging from my experience with the new Bank Board since July and from the CVs – and above all the expertise – of the new members, excellent conditions are in place for the Czech National Bank to remain credible and to fulfil its mandate.