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Kubicek Says Czechia's Neutral Nominal Interest Rate Is 3%, Gov't To Amend Austerity Package

CZECHIA
  • CNB's Jan Kubicek told Hospodarske Noviny that the planned sales of part of the income on Czechia's international reserves will be conducted in a way that will affect the FX market "as little as possible" (in line with earlier comments from Jan Frait). The central bank doesn't "want the sales of returns to substitute FX interventions" and staff will have some discretion to take market conditions into consideration. Kubicek added that the CNB "have a rough idea about a long term neutral nominal interest rate" and see it "at the level of 3%."
  • The ruling coalition decided overnight to adjust its fiscal consolidation package, following consultations with trade unions and employers. The Finance Ministry will provide more details later today, with the package expected to be amended in parliament. Prime Minister Petr Fiala said that the new adjustments will be net neutral for the scope of fiscal consolidation. Meanwhile, the opposition ANO and SPD parties pledged to cancel or soften the governing coalition's austerity measures related to the pension system should they be elected to power.
  • Prime Minister Petr Fiala will hold a press conference at 11:30BST/12:30CEST after meeting with representatives of food companies to discuss high food prices. The issues has featured prominently in Czech media over the past few months, with food prices often compared with those in neighbouring Poland or Germany. This situation has been routinely blamed on limited competition between Czech food producers and traders, as well as local certification requirements which complicate imports.
  • Czechia's composite gauge of economic sentiment climbed to 0.8 in August from -1.4 prior amid an improvement in sentiment across both businesses and consumers.
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