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CZECHIA: CNB Cuts Key Rate By 50bp, Signals Slower Easing Ahead

CZECHIA
  • The Czech National Bank (CNB) opted for another 50bp rate cut on Thursday, defying a consensus call for a 25bp reduction, but signalled that monetary easing should slow or pause from this point onwards. According to the statement, "the reason why no further major rate cuts should be expected is that the Bank Board sees inflationary risks in the outlook." The decision was made with a 5-2 vote split, with the two dissenters backing a 25bp rate cut, and their identity will only be revealed in the minutes on July 8.
  • The CZSO revised the final readings of Czechia's Q1 GDP growth to +0.3% Y/Y from +0.2% and to +0.2% Q/Q from +0.3%.
  • The Chamber of Deputies resumed session, with minimum-wage indexation on the agenda. MPs are expected to approve a gradual increase in the minimum wage until it reaches 47% of the average wage in 2029, but from 2025 guaranteed wages will only apply to the public sector.
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