(Adds Czech crown/euro rates)
WHAT: The Czech central bank (CNB) meets on interest rates
WHEN: May 5, decision at 1200 GMT, news conference 1330 GMT
REUTERS FORECAST: 19 of 22 analysts polled by Reuters expect the bank to keep the key two-week repo rate <CZRP=> <CZCBIR=ECI> flat at an all-time low 0.75 percent while three see a 25 basis point hike.
Six see a quarter-point hike in June and then a period of stability.
Fourteen analysts predict a 25 basis point increase in the third quarter. That includes the three who expect a hike in May, as they see another one in the coming quarter.
The poll showed a median forecast for the two-week repo rate at 1.50 percent in 12 months.
FACTORS TO WATCH:
The Czech central bank is facing mixed factors: inflation has been below forecast throughout the first quarter, with demand-pull pressures muted, and government budget cuts are expected to suppress domestic demand going forward.
But upside CPI pressures are coming from elevated global commodity prices, with the impact of oil price rises already filtering through to domestic prices.
A shrinking jobless rate, reviving retail sales and robust industrial output buoyed by foreign demand also pose an upward risk to the inflation outlook.
A strong crown, however, has been able to contain a large part of the imported inflation.
"The exchange rate could be the preferred route for monetary policy tightening given the combination of a foreign-driven recovery and high imported commodity prices," said Jaromir Sindel, chief economist at Citibank in Prague, who predicts no change in May and a hike in June.
The local currency <EURCZK=D3> has risen by around 1.6 percent since the last rate meeting on March 24, and was trading at 24.200 to the euro at 0745 GMT on Monday. The central bank expects the average rate in the second quarter at 24.3. The 90-day moving average rate was 24.380 on Monday.
The bank will release a new inflation forecast on May 5, including an outlook for three-month PRIBOR forward rates seen by markets as a proxy for policy rates.
All seven board members will take part in the meeting. Opinions of policymakers on rates have diverged in recent weeks.
One group of ratesetters favours higher rates, arguing that the current ultra-low rates are fit only for times of recession.
Other board members, including Vice-Governor Mojmir Hampl, favour no change, pointing to tamed inflation and an unclear debt outlook for the euro zone. 
Czech central bank web site: www.cnb.cz
All Czech economic data: <ECONALLCZ>
Central and Eastern Europe market reports: 
Governor Singer at March 24 conference 
(Reporting by Mirka Krufova, writing by Jana Mlcochova; Editing by John Stonestreet)