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CZECHIA: CNB Keeps CCyB Rate On Hold, MPs To Approve Labour Code Amendments

CZECHIA
EM BulletBulletEmerging Market NewsCentral and Eastern EuropeCzechia
  • Lawmakers are expected to approve amendments to the Labour Code which would make the jobs market somewhat more flexible. If the proposed amendments become law, the notice period would start at the delivery of the notice rather than at the beginning of the following month, while the probationary period would be extended by a month. According to iDnes.cz, ODS and TOP 09 do not currently have the vote to push an amendment allowing for dismissal without a reason through parliament amid a continued pushback from their coalition partners KDU-CSL and STAN.
  • The Czech National Bank (CNB) left the countercyclical buffer (CCyB) rate unchanged at 1.25% and noted that the "Czech economy is in the growth phase of the financial cycle and the estimated level of cyclical systemic risks in the banking sector’s balance sheet remains stable." The minutes of yesterday's financial stability meeting will be published on March 21.
  • The central bank will release data on foreign reserves at the top of the hour (09:00GMT/10:00CET). The Bank Board recently mandated staff to study the options for potential investments in alternative assets, on the request of Governor Ales Michl.
  • A Swiss Life Hypoindex report showed that the average mortgage rate in Czechia fell to 5.05% in March, the lowest level since spring 2022.
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  • Lawmakers are expected to approve amendments to the Labour Code which would make the jobs market somewhat more flexible. If the proposed amendments become law, the notice period would start at the delivery of the notice rather than at the beginning of the following month, while the probationary period would be extended by a month. According to iDnes.cz, ODS and TOP 09 do not currently have the vote to push an amendment allowing for dismissal without a reason through parliament amid a continued pushback from their coalition partners KDU-CSL and STAN.
  • The Czech National Bank (CNB) left the countercyclical buffer (CCyB) rate unchanged at 1.25% and noted that the "Czech economy is in the growth phase of the financial cycle and the estimated level of cyclical systemic risks in the banking sector’s balance sheet remains stable." The minutes of yesterday's financial stability meeting will be published on March 21.
  • The central bank will release data on foreign reserves at the top of the hour (09:00GMT/10:00CET). The Bank Board recently mandated staff to study the options for potential investments in alternative assets, on the request of Governor Ales Michl.
  • A Swiss Life Hypoindex report showed that the average mortgage rate in Czechia fell to 5.05% in March, the lowest level since spring 2022.