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Government To Discuss Draft Budget, CNB To Publish Data On FX Transactions

CZECHIA
  • Czechia's governing coalition will discuss draft budget for 2024 and changes in the education sector this afternoon. The government will debate objections to the spending plan from trade unions and employers. A recent Median survey showed that almost three-fourths of Czechs were afraid of the impact of high budget deficits on their own financial situation. However, most do not agree with how the government intends to tackle the problem. Almost 90% of respondents said that the government should save on on state administration, while most are against reductions in various benefits and tax hikes.
  • The CNB will release volume of potential FX interventions in May at 09:00BST/10:00CEST. According to the latest available data on CNB FX transactions, the central bank last stepped in to support the koruna in October 2022.
  • Czechia's retail sales ex-auto fell 6.1% Y/Y in May after a revised 8.4% contraction in April. Consensus was looking for a 6.2% decline. The outturn for May represented the smallest decline in Czech retail sales since September 2022.

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