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CZECHIA: Michl Outlines Crypto Buying Plan, Rate Cut "Very Likely" Next Week

CZECHIA
EM BulletBulletEmerging Market NewsCentral and Eastern EuropeCzechia
  • CNB Governor Ales Michl told the FT that he was planning to propose a plan to convert 5% of the central bank's EUR140bn reserves into bitcoin and seek the Bank Board's approval at its next meeting this Thursday. The FT noted that this would make the CNB the first Western central bank holding crypto assets. Michl did acknowledge the cryptocurrency's "extreme volatility," but also said that "for the diversification of our assets" bitcoin "seems good" amid the potential for a greater deregulation of this market in the US and growing investor interest. Michl admitted that his approach was different to that of other central bankers, noting that he had more of a mindset of an investment banker and "liked profitability." Michl added that it was "very likely" that the CNB would resume its rate-cutting cycle and lower the two-week repo rate by 25bp next week.
  • Hospodarske Noviny Deputy Editor-in-Chief Petr Honzejk writes in an op-ed that the proposal of ODS and TOP 09 to allow employers to terminate the contracts of their employees without reason is a "gift" for Andrej Babis and his allies and the "biggest nonsense" that the two parties could have done in an election year. Honzejk argues that it introduces unnecessary tensions within the ruling coalition, without bringing ODS and TOP 09 any closer to achieving their goals. Yesterday's debate in the Chamber of Deputies confirmed that there was no consensus within the ruling coalition as KDU-CSL remained opposed to the idea.
  • The Finance Ministry will today offer for sale CZK5bn of 2032 bonds, CZK4bn of 2034 bonds and CZK2bn of 2040 bonds in the last auction of this month.
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  • CNB Governor Ales Michl told the FT that he was planning to propose a plan to convert 5% of the central bank's EUR140bn reserves into bitcoin and seek the Bank Board's approval at its next meeting this Thursday. The FT noted that this would make the CNB the first Western central bank holding crypto assets. Michl did acknowledge the cryptocurrency's "extreme volatility," but also said that "for the diversification of our assets" bitcoin "seems good" amid the potential for a greater deregulation of this market in the US and growing investor interest. Michl admitted that his approach was different to that of other central bankers, noting that he had more of a mindset of an investment banker and "liked profitability." Michl added that it was "very likely" that the CNB would resume its rate-cutting cycle and lower the two-week repo rate by 25bp next week.
  • Hospodarske Noviny Deputy Editor-in-Chief Petr Honzejk writes in an op-ed that the proposal of ODS and TOP 09 to allow employers to terminate the contracts of their employees without reason is a "gift" for Andrej Babis and his allies and the "biggest nonsense" that the two parties could have done in an election year. Honzejk argues that it introduces unnecessary tensions within the ruling coalition, without bringing ODS and TOP 09 any closer to achieving their goals. Yesterday's debate in the Chamber of Deputies confirmed that there was no consensus within the ruling coalition as KDU-CSL remained opposed to the idea.
  • The Finance Ministry will today offer for sale CZK5bn of 2032 bonds, CZK4bn of 2034 bonds and CZK2bn of 2040 bonds in the last auction of this month.