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CNB Michl In Favor Of Tightening Mortgage-Approval Recommendations

CZECHIA
  • Covid cases continue to gradually decrease with the 7D SMA of daily new cases dropping to 1,000 (down from 12,300 from its early March highs). As a result, The Czech Republic continues to ease pandemic restrictions as lower grades of primary schools resume full in-class learning and restaurants reopen outdoor seating areas.
  • In a radio interview yesterday, CNB policymaker Ales Michl said that the central bank is likely to tighten its recommendations for mortgage-approval standards as part of its financial-stability policies; Michl is in favor of increasing the minimum cash down-payment from 10% to 15% or 20% according to Bloomberg.
  • As a reminder, CNB is expecting to start a tightening cycle in H2 with a first hike price in for as early as August.
  • There are no major economic data coming out today.
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