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CNB Keeps Rates Unchanged, Cabinet Debates 2024 Budget

CZECHIA
  • The Czech National Bank voted 5-2 to keep interest rates unchanged on Wednesday, shifting from the 6-1 vote split seen at the May meeting. It was not immediately clear which of the hawkish dissenters changed their vote. At the same time, Governor Ales Michl pushed back against "premature" rate-cut bets and reaffirmed the "higher-for-longer" forward guidance, vowing its determination to curb price increases in a sustainable way.
  • The Cabinet debated 2024 budget at yesterday's meeting, with Finance Minister Zbynek Stanjura noting that they have approved the preliminary drafts of income and expenditure for individual sections of the spending plan. The government is still targeting a deficit of CZK235bn next year, although negotiations on the details are ongoing. The final proposal must be tabled to the Chamber of Deputies by the end of September.
  • Prime Minister Petr Fiala met with Pirate Party leader Ivan Bartos to discuss junior coalition partner's criticism of Justice Minister Pavel Blazek. The Pirate Party passed a resolution calling for Blazek's resignation and accusing him of undermining public trust in the justice system. According to Fiala, there was no discussion of the Pirate Party ending its participation in the ruling coalition.
  • The National Economic Council, which advises the government on economic policies, will meet to discuss regional development this afternoon. The meeting will be followed by a press briefing.
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