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CZECHIA: Czech National Bank Pauses Interest-Rate Cuts

CZECHIA
EM BulletBulletEmerging Market NewsCentral and Eastern EuropeCzechia
  • The Czech National Bank (CNB) paused its rate-cutting cycle, in line with expectations, keeping the two-week repo rate unchanged at 4.00%. Two members of the Bank Board unsuccessfully sought a 25bp cut. The Board said that the decision "reflects the updated inflation outlook and its risks and an assessment of new data," while "the disinflation process in the core components of the consumer basket, especially in the services sector, is not yet completed." Governor Ales Michl said that policymakers "are leaving all options open, but for now (...) regard this as a pause in interest-rate cuts."
  • President Petr Pavel and Prime Minister Fiala will hold a regular meeting today to discuss the government's plans for the last few months of its term, foreign policy issues and the outcomes of Thursday's European Council summit.
  • Denik N reported that Czech diplomats were investigating why Prime Minister Petr Fiala was not invited alongside several other EU leaders to a dinner with Ukrainian President Volodymyr Zelensky hosted by the NATO Secretary General on Wednesday.
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  • The Czech National Bank (CNB) paused its rate-cutting cycle, in line with expectations, keeping the two-week repo rate unchanged at 4.00%. Two members of the Bank Board unsuccessfully sought a 25bp cut. The Board said that the decision "reflects the updated inflation outlook and its risks and an assessment of new data," while "the disinflation process in the core components of the consumer basket, especially in the services sector, is not yet completed." Governor Ales Michl said that policymakers "are leaving all options open, but for now (...) regard this as a pause in interest-rate cuts."
  • President Petr Pavel and Prime Minister Fiala will hold a regular meeting today to discuss the government's plans for the last few months of its term, foreign policy issues and the outcomes of Thursday's European Council summit.
  • Denik N reported that Czech diplomats were investigating why Prime Minister Petr Fiala was not invited alongside several other EU leaders to a dinner with Ukrainian President Volodymyr Zelensky hosted by the NATO Secretary General on Wednesday.