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Koruna Firms Amid Fiscal Debate In Czechia

CZK

EUR/CZK has faltered and last trades -0.041 at CZK23.643, with bears looking for losses past the nearby May 26 low of CZK23.588. CZGBs remain weaker on the day, with 3s underperforming.

  • Much of the debate in Czech financial media outlets today revolves around fiscal matters after Finance Minister Zbynek Stanjura confirmed that he will outline more spending cuts in addition to the government's fiscal consolidation package. Press reports have suggested that Stanjura wants to save on state operations, including the salaries of state workers, as well as science and research.
  • Stanjura's spending-cut plans may dominate the local political calendar next week. Seznam Zpravy reported that he will outline his proposals at a Cabinet meeting on Wednesday, which will be followed by interministerial negotiations.
  • Stanjura's statement on the planned additional spending cuts came after Czechia's YtD budget deficit widened to CZK271.4bn in May, squeezing the remaining margin to the government's CZK295bn target for this year.
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