ČNB: MMF i OECD podporují postup centrální banky v otázce intervencí

Mezinárodní měnový fond (MMF) a Organizace pro hospodářskou spolupráci a rozvoj (OECD) dnes vydaly prohlášení k devizovým intervencím České národní banky (ČNB). Obě prohlášení i reakci ČNB najdete v tomto e-mailu a také pod odkazem níže.

MMF:

“Fund advice, at the last Article IV Consultation, was that if a persistent and large undershooting of the inflation target is in prospect, FX interventions should be employed.  The current situation justifies the CNB’s action from that perspective.” - Mr. Masanori Yoshida, Mission Chief for Czech Republic, International Monetary Fund.

“The International Monetary Fund discussed the topic of FX interventions with the Czech National Bank during the 2013 Article IV Consultations which took place in May 2013, and was concluded on July 24. On August 2 the IMF issued a press release, in which it summarized the Executive Board’s assessment as follows: ‘If a persistent and large undershooting of the inflation target is in prospect, additional tools should be employed. Foreign exchange (FX) interventions would be an effective and appropriate tool to address deflationary risks in the context of inflation targeting framework. This is expected to quickly increase the price level and help increase inflation expectations toward the target. The operational aspects of possible FX interventions should pay due regard to transparency. This would allow the market to form expectations in accordance with the CNB’s inflation target.’ The IMF will continue its assessment of the CNB’s monetary policy at the occasion of the next Article IV Consultations to be held most probably in the summer of 2014.” - Mr. Johann Prader, the Executive Director representing Czech Republic in the Executive Board of the International Monetary Fund

OECD:

„Low demandside pressures and decelerating food prices are containing inflation pressures in the near term. With interest rates technically at zero and

excess liquidity in the banking sector, the National Bank has started foreign exchange interventions to prevent a long-term undershooting of

the inflation target. Foreign exchange interventions should continue until inflation rises into the boundaries of the inflation target range and

conventional monetary policy tools become effective again,“ OECD Economic Outlook, Volume 2013/2 – Preliminary Version

ČNB:

„Takto jasně vyjádřený souhlas obou hlavních ekonomických institucí podle našeho názoru eliminuje obavy, že by krok ČNB mohl být vnímán jako zahájení nějaké ‚měnové války‘,“ uvedl mluvčí ČNB Marek Petruš.

http://www.cnb.cz/cs/o_cnb/mezinarodni_vztahy/vztahy_mmf_sb/mmf_k_intervencim.html

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