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CNB Announces Rate Decision After Live Meeting

CZECHIA
  • The Czech National Bank (CNB) will deliver its last monetary policy decision of 2023 at 13:30GMT/14:30CET. As many as 17 out of 23 economists surveyed by Bloomberg expect the Bank Board to cut the two-week repo rate by 25bp, with market pricing also leaning that way. However, much of the commentary surrounding today's decision emphasises that it is a very close call, with some Bank Board members themselves admitting that the decision was finely balanced between a cut and a hold. We discussed the backdrop of the decision in detail in our usual preview, which also includes a summary of sell-side views.
  • Another opinion poll confirmed ANO's front-runner position among Czech political parties. The main opposition party had the support of 34.5% of respondents in the latest Median survey, with Prime Minister Petr Fiala's ODS coming second with 15.5%, with the gap between them narrowing slightly since the previous poll. The authors of the survey commented that the stagnation in the support for opposition parties and marginal improvement in the support for the government could be related to the celebrations of the Velvet Revolution on November 17.
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