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CZECHIA: CNB Minutes In Focus, Petr Kulhanek To Join Cabinet

CZECHIA
EM BulletBulletGlobalEmerging Market NewsCentral and Eastern EuropeRegionCzechia
  • The Czech National Bank (CNB) will publish the minutes of its September monetary policy meeting, which resulted in a 25bp rate cut. There was one dissenter who cast their vote in favour of a 50bp cut and their identity will be revealed in the minutes. The CNB also said that it "considers it necessary to persist with tight monetary policy and carefully consider any further rate cuts." The minutes will be released at 08:00BST/09:00CEST, which will end the central bank's media quarantine.
  • CNB Governor Ales Michl told Seznam Zpravy that inflation will likely edge higher by the end of this year, while GDP growth may be slightly weaker than expected next year. The Governor said that the CNB stands ready to cut rates further should Germany run into more significant economic troubles, but won't lower them to zero. Furthermore, he didn't see room for sharp cuts and said that "we are moving towards the neutral level gradually, step by step" in order to reaffirm the CNB's inflation-fighting credentials.
  • Labour and Social Affairs Minister Marian Jurecka confirmed that he would seek re-election as KDU-CSL leader, despite only partially meeting self-imposed criteria related to the party's popularity. The party's showing in the European election and opinion polls was underwhelming, while its performance in regional elections was not too bad, but not particularly reassuring either. Separately, Agriculture Minister Marek Vyborny also threw his hat into the ring.
  • STAN proposed ex-Karlovy Vary Governor Petr Kulhanek to take on the Regional Development portfolio after the seat was vacated by the ouster of Pirate Party's Ivan Bartos. Kulhanek will meet with Prime Minister Petr Fiala today and his appointment should be finalised on Tuesday.
  • The Chamber of Deputies will debate the government's contentious pension system overhaul in second reading.
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  • The Czech National Bank (CNB) will publish the minutes of its September monetary policy meeting, which resulted in a 25bp rate cut. There was one dissenter who cast their vote in favour of a 50bp cut and their identity will be revealed in the minutes. The CNB also said that it "considers it necessary to persist with tight monetary policy and carefully consider any further rate cuts." The minutes will be released at 08:00BST/09:00CEST, which will end the central bank's media quarantine.
  • CNB Governor Ales Michl told Seznam Zpravy that inflation will likely edge higher by the end of this year, while GDP growth may be slightly weaker than expected next year. The Governor said that the CNB stands ready to cut rates further should Germany run into more significant economic troubles, but won't lower them to zero. Furthermore, he didn't see room for sharp cuts and said that "we are moving towards the neutral level gradually, step by step" in order to reaffirm the CNB's inflation-fighting credentials.
  • Labour and Social Affairs Minister Marian Jurecka confirmed that he would seek re-election as KDU-CSL leader, despite only partially meeting self-imposed criteria related to the party's popularity. The party's showing in the European election and opinion polls was underwhelming, while its performance in regional elections was not too bad, but not particularly reassuring either. Separately, Agriculture Minister Marek Vyborny also threw his hat into the ring.
  • STAN proposed ex-Karlovy Vary Governor Petr Kulhanek to take on the Regional Development portfolio after the seat was vacated by the ouster of Pirate Party's Ivan Bartos. Kulhanek will meet with Prime Minister Petr Fiala today and his appointment should be finalised on Tuesday.
  • The Chamber of Deputies will debate the government's contentious pension system overhaul in second reading.