Czech MPC stresses mid-17 exit from koruna cap still likely

Despite mounting speculation that the Czech MPC would hint at removing the koruna cap earlier than previously suggested, today’s MPC press statement was surprisingly dovish. We remain of the view that the cap is most likely to be lifted in mid-2017. And while the koruna may appreciate against the euro at that point, we think that the rise in the currency will be smaller than many expect.

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