June 18 (Reuters) - Czech President Vaclav Klaus named
Miroslav Singer on Friday as the next central bank governor,
replacing Zdenek Tuma who will end his 10-year reign on June 30.
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The following are facts on Singer, who has sat on the
seven-member rate-setting board since 2005, as well as his
voting record and recent comments by him.
Analysts' comments on the appointment: []
MIROSLAV SINGER, 42:
* Singer was appointed to the board as one of two
vice-governors in February 2005. He has favoured flexible
setting of policy, usually reacting quickly to changes in risks
to the bank's inflation forecast, key for setting rates.
* In years of fast growth prior to the economic downturn,
Singer was viewed by most market players as a "hawk", advocating
higher rates. But in recent votes he has mostly voted for more
easing, sometimes in a minority.
* Companies appreciate Singer for his experience in the
commercial sector, at the financial and industrial group
Expandia that he led in 2000-2001. He has been transparent in
communicating his views and easily readable by markets, analysts
say.
* Singer has worked as a lecturer and researcher, and also
has sat on the boards of several Czech companies. In 2001, he
joined accountants PricewaterhouseCoopers as a director.
* He holds a degree in mathematical methods in economics
from the University of Economics in Prague (1991) and has a PhD
from the University of Pittsburgh in the United States.
* Singer produces wine with his father from a family
vineyard 70 kilometres northwest of Prague. He once referred to
this hobby as "useful golf" -- because it requires outdoor walks
but, unlike the game, something is produced.
* In an April interview in Czech magazine Reflex, Singer
talked about his latest diet, with the goal of getting below 100
kg by the end of June. He said he had shed around 35 kg already
this year after putting on 13 kg since joining the central bank.
VOTING AND RATE OUTLOOK
The central bank has cut interest rates by 3.00 percentage
points to a record low 0.75 percent in eight moves in an easing
cycle going back to August 2008. In that time, the board has met
on rates 15 times.
Singer has voted in the majority for all rate cuts during
the cycle, but in one case wanted a larger rate reduction than
other board members.
He was outvoted four times by members wanting to hold rates
when he voted for a quarter point cut.
All 17 analysts polled up to June 17 expect the bank to
leave rates unchanged at a June 23 sitting, Tuma's last.
Nine see the central bank's next move to be a quarter point
rate hike in the first half of 2011, while five saw it already
this year.
RECENT COMMENTS
Reuters interview, June 2
"There has not been an event that would force me to think
that something should be changed."
"Things are moving pretty much in a way that we expected."
"For the board, it's more difficult to cut. I still feel
this. We have a historically unprecedented low rate."
(Reporting by Jason Hovet and Jana Mlcochova)
