Zeman to appoint Rusnok as CNB board member as of March - press

Prezident Miloš Zeman (vlevo) a premiér Jiří Rusnok.

published: 18.12.2013, 07:51 | updated: 18.12.2013 07:59:05

Prague - President Milos Zeman will appoint outgoing Prime Minister Jiri Rusnok as a member of the Czech National Bank (CNB) Bank Board as of March, daily Hospodarske noviny (HN) said today referring to Prague Castle spokesman Jiri Ovcacek.

Rusnok is to replace Eva Zamrazilova, whose six-year term of office will expire.

"Yes, I can confirm this. The President reckons with it," Ovcacek said.

According to HN, the plan may only be hampered by dragging talks about the new cabinet.

Zeman said during presidential election that Rusnok was one of possible candidates for the CNB board. Later, when he selected Rusnok as one of his advisers, he also offered him the post of CNB board member.

Rusnok said in February he would probably accept the post.

In June, Zeman appointed Rusnok as the Prime Minister of the current caretaker cabinet to lead the country to early elections.

The CNB Bank Board determines the monetary policy of the country and decides on fundamental monetary policy measures. It is also responsible for supervision over the entire financial market, including banks, insurance companies and the capital market.

CNB Bank Board members cannot hold the office more than twice.

The current CNB Bank Board is headed by Governor Miroslav Singer. By 2018, when Singer's term of office is to expire, Zeman is to appoint gradually five out of seven board members.

Rusnok is to join the CNB board at a time when CNB faces criticism by some economists and politicians for its forex interventions aimed at weakening the crown, HN noted.

While Zeman has criticised the interventions, Rusnok has defended it. He said in November the interventions will boost the domestic economy and raise its competitiveness.


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