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Dispute Over Pension Reforms Continues, Czech Ex-Auto Retail Sales Grew 1.6% Y/Y In February

CZECHIA
  • Local media outlets have recently taken a closer look at the pass-through of CNB rate cuts to the rates offered by commercial banks. Lidove Noviny ran a piece noting that Czech banks are radically reducing rates on saving accounts and only a handful of smaller lenders still offer rates exceeding 5%. Separately, Seznam Zpravy reported that banks are still holding off on sharp reductions in mortgage interest rates, instead preferring more gradual changes. The average offer rate was estimated at 5.57% at the beginning of April, per Swiss Life Hypoindex.
  • The Castle is locked in a dispute with the main opposition ANO party over the recent round of trilateral talks with the government intended to work out cross-party consensus on pension reforms. ANO representatives insist that they did not agree that there is a need to raise the retirement age, contrary to President Pavel's summary of the negotiations. Prime Minister Petr Fiala said that he will wait for ANO to come up with some alternative proposal before possibly engaging in further talks.
  • Czechia's ex-auto real retail sales rose 1.6% Y/Y in February, missing the +2.3% median estimate in a Bloomberg survey. The CZSO said that "retail sales via mail order houses or via the Internet contributed the most to the total increase of sales in retail trade." This was paralleled by a negative sequential reading, with sales contracting by 0.8% M/M.
  • Later today, the Car Importers Association will publish registrations data for Q1 at 10:00BST/11:00CEST, while the CNB will release changes to its balance sheet in the 11 days through March 31 at 12:00BST/13:00CEST. None of these is normally a market-mover.
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