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CZECHIA: CNB Releases Minutes Of Most Recent Financial Stability Meeting

CZECHIA
  • The CNB released the minutes of the financial stability meeting held on June 6, which resulted in a 50bp reduction to the countercyclical buffer rate (CCyB), bringing it to 1.25%. According to the document, "a majority of the board members felt that, given the incipient turnaround in the financial cycle, this would probably be the last rate cut in the current process of easing the CCyB and the CCyB rate could be expected to be stable in the period ahead." The decision to deliver a 50bp cut to the CCyB was supported by all seven members. In the later part of the meeting, members voted 5-2 (dissenters: Zamrazilova, Kubicek) to re-introduce the systemic risk buffer (SyRB) rate and then voted 6-1 (dissenter: Zamrazilova) to set it at 0.50%.
  • The CZSO released the results of its monthly survey on economic sentiment. Overall economic confidence rose to 98.0 vs. 97.3 expected. Consumer confidence slipped to 101.0, missing expectations (102.4), but business sentiment recovered to 97.4, exceeding the median estimate of 96.2.
  • The Chamber of Deputies approved a bill allowing citizens living abroad to vote by mail, which may provide some incremental boost to the ruling coalition.  The adoption of the bill by the lower house on Friday was expected and it will likely clear the remaining stages of the legislative process soon.
  • Reminder that the CNB is in the media blackout period ahead of its next monetary policy decision, due Thursday.
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