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CZECHIA: CNB Delivers 25bp Cuts, Pirate Party Leaves Government

CZECHIA
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  • The Czech National Bank (CNB) reduced the two-week repo rate by 25bp, as expected by an overwhelming majority of analysts, even as on dissenting member cast their vote in favour of a 50bp cut. Worth noting that prior to the meeting Tomas Holub said that he would have a dilemma whether to vote for a 25bp or 50bp cut, but we will only know the identity of the dissenter when the minutes are published next week. The Board said that it "considers it necessary to (...) carefully consider any further rate cuts."
  • President Petr Pavel summoned the leaders of ruling coalition parties for a meeting on Monday, stepping in as a mediator amid the ongoing government crisis. The head of state wants to hear how Prime Minister Petr Fiala imagines the future shape of the government, after the Pirate Party confirmed its intention to leave the coalition (pending the result of an imminent online poll of its rank-and-file members). Pavel said that he would be happy to see Foreign Minister Jan Lipavsky continue in his role, following his declaration that he would quit the Pirates if they leave the ruling coalition - and after Fiala called him an "excellent foreign minister who has my trust."
  • Prime Minister Petr Fiala said that he would like KDU-CSL leader and Labour Minister Marian Jurecka to take control over the Ministry of Regional Development as a stopgap measure when Pirate Party's Ivan Bartos vacates the post at the end of the month. Fiala's decision to sack Bartos triggered the ongoing political crisis, effectively forcing the Pirates out of the ruling coalition.
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  • The Czech National Bank (CNB) reduced the two-week repo rate by 25bp, as expected by an overwhelming majority of analysts, even as on dissenting member cast their vote in favour of a 50bp cut. Worth noting that prior to the meeting Tomas Holub said that he would have a dilemma whether to vote for a 25bp or 50bp cut, but we will only know the identity of the dissenter when the minutes are published next week. The Board said that it "considers it necessary to (...) carefully consider any further rate cuts."
  • President Petr Pavel summoned the leaders of ruling coalition parties for a meeting on Monday, stepping in as a mediator amid the ongoing government crisis. The head of state wants to hear how Prime Minister Petr Fiala imagines the future shape of the government, after the Pirate Party confirmed its intention to leave the coalition (pending the result of an imminent online poll of its rank-and-file members). Pavel said that he would be happy to see Foreign Minister Jan Lipavsky continue in his role, following his declaration that he would quit the Pirates if they leave the ruling coalition - and after Fiala called him an "excellent foreign minister who has my trust."
  • Prime Minister Petr Fiala said that he would like KDU-CSL leader and Labour Minister Marian Jurecka to take control over the Ministry of Regional Development as a stopgap measure when Pirate Party's Ivan Bartos vacates the post at the end of the month. Fiala's decision to sack Bartos triggered the ongoing political crisis, effectively forcing the Pirates out of the ruling coalition.