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Petr Pavel To Be Sworn In As Czech President, Senate Approves Pension Bill

CZECHIA
  • Milos Zeman's term expired at the stroke of midnight ahead of the swearing-in of his successor, former army general and senior NATO official Petr Pavel. The inauguration ceremony will take place at 14:00CET/13:00GMT at a joint meeting of both houses of parliament. One of Pavel's first tasks will be deciding whether to sign a controversial bill which slows the automatic increases in pensions, after it won the approval of the Senate yesterday. Pavel suggested that he will communicate his views on the bill tomorrow. If he refuses to sign it, the lower house could still override his veto by an absolute majority of votes, but this would delay the legislative process which the government wants to conclude by March 22 in order to save the budget some CZK53bn this year and next.
  • The CNB will announce its decision on the countercyclical capital requirement today at 15:45CET/14:45GMT. The central bank reviews the countercyclical buffer rate on a quarterly basis and the decisions to raise it or keep it unchanged are typically announced one year before taking effect. The rate of 2.00% is currently applied but is scheduled to increase to 2.50% from April 1.
  • Czechia's trade balance flipped into a surplus of CZK9.5bn in January from a revised deficit of CZK0.2bn prior, missing expectations of a CZK13.1bn surplus.
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