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Parliament To Vote On "Lex Babis," Industrial PPI Misses Expectations

CZECHIA
  • Czechia's ruling coalition is looking to push so-called "lex Babis" through parliament, with the lower house set to vote on regulations tightening the rules on conflicts of interests at 10:00BST/11:00CEST. The colloquial name of the law stems from the conviction that it is targeting billionaire politician and media mogul Andrej Babis, who leads the main opposition ANO party. Alena Schillerova, chair of ANO parliamentary caucus, said that the party would file a complaint with the Constitutional Court should parliament approve the proposal.
  • Governor Ales Michl said that interest rates need to remain higher for longer and there is no point in speculating about when they will be lowered. His comments were circulated after the CNB's media blackout commenced, but did not offer much in the way of fresh insights,
  • Czechia's industrial PPI rose by 3.6% Y/Y in May versus +3.8% expected. The data fits the broader disinflationary story painted by recent macroeconomic data, which bolstered expectations of an on-hold CNB rate decision next week.

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