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Foreign Holdings of Czech Bonds Dropped To 26.5% In December

CZECHIA
  • This week, the CNB is expected to raise its benchmark rate by 75bps to 4.5% (Feb 3).
  • Even though further tightening is likely to lead to more downward revision in growth expectations, the majority of Czech policymakers have made it clear that they will continue to hike rates if inflationary pressures remain elevated.
  • The sharp tightening cycle has led to a strong appreciation of the CZK (relative to the Euro), with traders chasing the interest rate differential, and therefore helps anchor inflation expectations.
  • This morning, Finance Ministry said that foreign ho9lders of Czech bonds dropped to 26.5% in December, down from 29.7% a month earlier.
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