CZK back to a managed float
At an extraordinary meeting today, the CNB decided to remove the CZK floor, with the MPC motivating the decision, stating that the conditions for the fulfilment of the inflation target have now been met. The comments from Governor Rusnok had a hawkish bias, stating that this is the first step in a gradual tightening phase. He also added that a rate hike in May is unlikely, but possible. Post the event, we maintain our currency projections, but we note that the interest rate hikes we have priced in for the coming year may materialise earlier than our current forecasts.
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.
Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.
We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.
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