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CNB Rate Decision Eyed This Week, Central Bank Publishes Full Text Of FSR

CZECHIA
  • The Czech National Bank will announce its monetary policy decision on Wednesday. The Bank Board will likely keep interest rates unchanged, according to all 19 economists polled by Bloomberg, as the case for tightening monetary conditions has weakened over the past few weeks. As a reminder, the Bank Board voted 4-3 to keep rates steady last time, but incoming macroeconomic data have amounted to an anti-inflationary picture, while central bank communications have shifted in the dovish direction. There are no major Czech data releases on the docket until Wednesday, while the central bank is in the official blackout period.
  • The CNB published the full text of its Financial Stability Report and the minutes of a Bank Board meeting held on June 1 during which the document was approved. The minutes revealed that "all six members present voted in favour of the reduction" of the countercyclical buffer rate. The decision to leave the upper limits on the LTV and DTI ratios unchanged and to deactivate the upper limit on the DSTI ratio was backed by four members (Michl, Frait, Holub, Prochazka). Click here to see the FSR and the minutes.
  • After the closing bell on Friday, the government proposed that majority state-owned energy utility CEZ pay a dividend of CZK145/share. The announcement came as a surprise, it was expected that the government would accept CEZ's proposal of setting the dividend at CZK117/share.
  • President Petr Pavel told Prima TV that he could tap Marek Vyborny to replace Zdenek Nekula as Agriculture Minister as soon as on June 29 rather than next month as earlier suggested.
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