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New Czech central bank governor aspires to a huge increase in gold reserves

Section: Daily Dispatches

Incoming Czech Central Bank Chief Wants More Stocks, Gold to Make Bank Profitable

By Jan Lopatka
Reuters via
Wednesday, May 25, 2022

PRAGUE, Czech Republic -- The Czech central bank needs to keep interest rates above standard levels, support the government in cutting budget deficits and urge wage restraint to avoid mostly supply-side inflation from spilling to the demand side, incoming Governor Ales Michl said in a magazine interview.

... Dispatch continues below ...


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Michl, whose appointment by President Milos Zeman was a surprise given his opposition to the bank's year-long campaign of raising interest rates, reiterated he would propose keeping interest rates flat for some time after he takes over in July.

"Supply-side inflation will fly through the economy and nobody in the world can do anything about it," he told the weekly Ekonom.

"The Czech National Bank should communicate it as an exception from fulfilling the inflation target," Michl said. "The key is to prevent it becoming demand-side inflation." ...

He said he also wanted to sharply raise gold holdings to 100 or more tonnes over time from the current 11 tonnes for diversification. ...

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