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Petr Pavel To Become Czech President, CNB Holds Rate Review This Week

CZECHIA
  • Former NATO general Petr Pavel was handed a decisive victory in Czech presidential run-off and will take office during a ceremony on March 9. Based on his well-documented comments, Pavel is expected to take a pro-NATO and pro-EU stance in foreign affairs, while maintaining support for the supply of military and humanitarian aid to Ukraine. During his first year in office, Pavel will nominate seven Constitutional Court judges and represent Czechia at a NATO summit in July.
  • Pavel suggested that he has not yet spoken with outgoing President Milos Zeman and reiterated his view that Zeman should not bring forward the nomination of Constitutional Court head, whose term expires in August. Zeman said he would make a decision on the matter once he receives additional expertise "in the coming days."
  • The Czech economic docket is virtually empty today, with the focus already on tomorrow's advance Q4 GDP data and Thursday's CNB monetary policy decision. The Bank Board will discuss interest rates in the presence of Finance Minister Stanjura, who will exercise his right to attend the meeting in advisory, non-voting capacity.

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