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CNB's Zamrazilova Vows No Hasty Rate Decisions, Gov't Debates Sending New Envoy To Russia

CZECHIA
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  • CNB Deputy Governor Eva Zamrazilova said that the central bank will not rush into cutting interest rates as there is a number of uncertainties around the inflation outlook. The official told Pravo that Bank Board members "aren't having a serious debate now when exactly" they will lower interest rates, while benign inflation outturns are "not a reason yet to turn the wheel of monetary policy". She said that inflation may return to the target in spring and could be within the CNB's tolerance band in 1Q2024.
  • Seznam Zpravy reports that former Deputy Defence Minister Daniel Kostoval is the government's candidate for ambassador to Russia. The nomination has proven to be a divisive issue, with junior coalition party TOP 09 opposed to sending a top-level diplomatic envoy to Moscow amid the ongoing war in Ukraine. The newspaper notes that the issue may also lead to another confrontation between the government and President Petr Pavel, who would have to pen a letter to his Russian counterpart requesting the acceptance of the new Czech ambassador.
  • The government's fiscal consolidation package was approved by the Chamber of Deputies in second reading, clearing another hurdle in the legislative process. Lawmakers are expected to pass the legislation in third reading at the end of the month, with the government currently studying eight dozen of amendments tabled in the legislature.
  • Czechia's unemployment rate ticked higher to 3.6% in August from 3.5% as the local jobs market remains very tight.
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  • CNB Deputy Governor Eva Zamrazilova said that the central bank will not rush into cutting interest rates as there is a number of uncertainties around the inflation outlook. The official told Pravo that Bank Board members "aren't having a serious debate now when exactly" they will lower interest rates, while benign inflation outturns are "not a reason yet to turn the wheel of monetary policy". She said that inflation may return to the target in spring and could be within the CNB's tolerance band in 1Q2024.
  • Seznam Zpravy reports that former Deputy Defence Minister Daniel Kostoval is the government's candidate for ambassador to Russia. The nomination has proven to be a divisive issue, with junior coalition party TOP 09 opposed to sending a top-level diplomatic envoy to Moscow amid the ongoing war in Ukraine. The newspaper notes that the issue may also lead to another confrontation between the government and President Petr Pavel, who would have to pen a letter to his Russian counterpart requesting the acceptance of the new Czech ambassador.
  • The government's fiscal consolidation package was approved by the Chamber of Deputies in second reading, clearing another hurdle in the legislative process. Lawmakers are expected to pass the legislation in third reading at the end of the month, with the government currently studying eight dozen of amendments tabled in the legislature.
  • Czechia's unemployment rate ticked higher to 3.6% in August from 3.5% as the local jobs market remains very tight.