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CZECHIA: Frait Won't Rule Out 50bp Cut Next Week, Even As 25bp Is Main Focus

CZECHIA
  • CNB Deputy Governor Jan Frait told Bloomberg that a 50bp rate cut next week is not entirely off the table, even as the central bank "is approaching the point at which fine-tuning begins." The official said that "it is clear that the main focus of the debate on August 1 will be a 25bp cut," but "the latest inflation print was very low, which is reopening the question of whether there perhaps still is room to do another 50bp." This comes after Czechia's CPI surprised to the downside in June, slowing to the CNB's +2.0% Y/Y point-target, which triggered dovish reaction from local sell-side desks. Frait also said that "the koruna may be a bit weaker than fundamental factors would imply," but he didn't see this as an argument against bolder rate cuts. On the contrary, he expressed a view that "over time the exchange rate will perhaps tighten monetary conditions," due to the improving fundamentals. Frait also suggested that the Bank Board would be comfortable with a temporary undershoot of the inflation target.
  • Westinghouse wants to enter a legal dispute with KHNP over the procurement of two nuclear reactors, but the Czech government and the South Korean company have said that it should not affect the implementation of the project. Westinghouse claims that the technology used by KHNP involves its intellectual property and is subject to US export restrictions.
  • The CNB will publish a survey of lending conditions in the banking industry for Q2 at 09:00BST/10:00CEST.
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