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CZECHIA: CNB's Frait Sees Limited Scope For Further Rate Cuts

CZECHIA
EM BulletBulletEmerging Market NewsCentral and Eastern EuropeCzechia
  • The board of the Czech National Bank (CNB) holds its regular weekly meeting this morning after Governor Ales Michl told the Financial Times that he would propose looking into investing part (possibly around 5%) of the central bank's hefty reserves into bitcoin. If this plan comes to fruition, the CNB would become the first Western central bank to hold crypto assets as part of its reserves. Michl later clarified that no such decision is imminent, but he will nonetheless put the proposal to discussion. The Bank Board does not normally release any communique from its non-decision meetings.
  • CNB Deputy Governor Jan Frait told Reuters that the scope for further rate cuts is limited this year amid persistent inflation risks. The official said that next week the Bank Board will discuss whether to lower rates by 25bp or leave them unchanged, adding that "both are possible." Frait predicted that the key rate could reach 3.5% by the end of this year (from 4.0% currently), if everything goes as planned. Market expectations have shifted towards a 25bp cut next week after Governor Michl told the FT that it was a "very likely" outcome.
  • Market participants will be on the lookout for any final rounds of CNB speak until 14:00GMT/15:00CET, when the media blackout ahead of next week's rate decision kicks in.
  • The Finance Ministry will release its quarterly macroeconomic forecast at 10:00GMT/11:00CET.
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  • The board of the Czech National Bank (CNB) holds its regular weekly meeting this morning after Governor Ales Michl told the Financial Times that he would propose looking into investing part (possibly around 5%) of the central bank's hefty reserves into bitcoin. If this plan comes to fruition, the CNB would become the first Western central bank to hold crypto assets as part of its reserves. Michl later clarified that no such decision is imminent, but he will nonetheless put the proposal to discussion. The Bank Board does not normally release any communique from its non-decision meetings.
  • CNB Deputy Governor Jan Frait told Reuters that the scope for further rate cuts is limited this year amid persistent inflation risks. The official said that next week the Bank Board will discuss whether to lower rates by 25bp or leave them unchanged, adding that "both are possible." Frait predicted that the key rate could reach 3.5% by the end of this year (from 4.0% currently), if everything goes as planned. Market expectations have shifted towards a 25bp cut next week after Governor Michl told the FT that it was a "very likely" outcome.
  • Market participants will be on the lookout for any final rounds of CNB speak until 14:00GMT/15:00CET, when the media blackout ahead of next week's rate decision kicks in.
  • The Finance Ministry will release its quarterly macroeconomic forecast at 10:00GMT/11:00CET.