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CNB To Hold Meeting With Analysts After Bank Board Kept Rates Steady

CZECHIA
  • The CNB left the two-week repo rate unchanged at 7.00% yesterday, while formally ending its FX intervention regime and signalling that it is pivoting towards a debate on cutting rates. The Bank Board scrapped the intervention regime, but also said that it stands ready to prevent excessive fluctuations in the koruna exchange rate. The reference to stable or higher interest rates was dropped from the forward guidance, while the Governor said that the timing of monetary easing could be debated this autumn, but market bets on the pace of rate cuts may not materialise.
  • The CNB released the first chapter of its new Monetary Policy Report this morning, which includes staff analysis on the "reasons for households' current increased propensity to save," "refixation and refinancing of mortgages and their effects on household expenditure," "how client interest rates on loans and deposits have changed over the last two years," as well as comments on the latest monetary policy decision, and the current outlook and its risks. Note that the CNB will hold a seminar with analysts today at 10:00BST/11:00CEST.
  • Czechia's ex-auto retail sales shrank by 4.1% Y/Y in June after the revised 6.3% contraction in May, beating expectations of a 5.3% decline. On a sequential basis, retail sales rose by 0.3% M/M. The CZSO said that "sales in retail trade adjusted for price effects were further decreasing, year-on-year, in June; the decrease rate slackened compared to the previous months. Lower sale of both food and non‑food goods contributed to a decrease in sales in retail trade."
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