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CNB Starts Media Blackout After Dovish Remarks

CZECHIA
  • The Czech National Bank (CNB) entered its media blackout period ahead of next week's monetary policy decision. Dovish rhetoric doing the rounds earlier this week inspired a shift in sentiment among analysts market participants, who now see higher odds of an outsize rate cut. ING revised their call to a 50bp reduction next week on the back of conviction that at least two Bank Board members will push for such a move, while the new macroeconomic forecast may support a dovish outcome.
  • Data yesterday showed that Czechia's budget deficit was CZK26.0bn in January versus -CZK6.8bn at the same time last year. The Finance Ministry said it was due to an earlier payment of a CZK30.5bn advance for regional education. Otherwise, the result would be around CZK10bn better than in January 2023.
  • Pravo reported that the ruling coalition is considering legislation that would make it easier to sack workers while raising minimum severance pay.
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