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2024 Budget Clears Parliament, CNB Keeps CCyB Rate Unchanged

CZECHIA
  • Slovak parliament Speaker Peter Pellegrini arrives in Prague for a series of meetings with Czech officials. This comes after Prime Minister Robert Fico paid his first traditional visit to the neighbouring country, causing some diplomatic incidents along the way. The press reported that Slovak President Zuzana Caputova had to intervene to convince her Czech counterpart Petr Pavel to meet with Fico after the latter proposed an unconvenient date for talks and unveiled plans to speak with former Prime Minister Andrej Babis and former President Milos Zeman. Furthermore, the conflicting views of Fico and his Czech partners on the ongoing war in Ukraine were evident. In a bid to uphold the long-standing close bilateral cooperation, Pellegrini reportedly invited the Czech Senate to a joint session with Slovak lawmakers next year, despite recent short-term tensions around Fico's electoral victory.
  • The Czech National Bank (CNB) kept the countercyclical capital buffer (CCyB) rate unchanged at 2.00% after two back-to-back 25bp cuts delivered at the previous quarterly financial stability meetings. The Bank Board reiterated its guidance that "if the cyclical risks continue to disappear naturally from the banking sector’s balance sheets, we will gradually lower the buffer rate". They also decided to keep the upper limits on the LTV ratio unchanged, while deactivating the upper limit on the DTV ratio - effectively easing mortgage lending rules. The minutes of the meeting will be released on December 15.
  • The Chamber of Deputies approved the 2024 state budget with a projected fiscal deficit of CZK252bn (i.e. CZK43bn narrower than this year) and with defence spending for the first time reaching the NATO target of 2% of GDP. The budget does not need to be debated by the Senate and hence will be sent straight to President Petr Pavel for his signature.
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