A week before the next CNB meeting two its Board members have commented on current monetary conditions. Governor Singer said that he won’t mind if monetary conditions are significantly relaxed while Lubomír Lízal stressed that the Czech economy was not getting external stimuli to rebound. Since the CNB´s base rate is at 0.05 %, FX interventions have been the single sensible tool in the hands of the central bank now. Nevertheless, we believe that at current levels (25.95 EUR/CZK) the koruna is not strong enough to make the CNB launch its sell-offs. The first time the CNB mentioned possibility of FX interventions (in September 2012) the EUR/CZK was well below 25.0. On the other hand, both the economy and inflation have slowed down more than expected since then and intervention option was discussed intensely on the last Board meeting. Since then however, the koruna has remained stable around 25.95 EUR/CZK and inflation has picked up slightly, so we believe that probability of FX interventions has remained low in the short time horizon.