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Rakusan Walks Back On Comments Re: Full CEZ Takeover, CNB's Holub Puts 50bp Cut On Table

CZECHIA
  • Interior Minister Vit Rakusan suggested that the government held discussions on a potential buyout of minority investors in the majority-state owned utility CEZ, but retracted those comments shortly thereafter, noting that "no such steps are currently taking place". The ruling coalition has been exploring ways to restructure the energy utility in a very chaotic process, which saw repeated postponements of parliamentary debates on the matter.
  • CNB's Tomas Holub floated the idea of accelerating the pace of rate cuts at next week's monetary policy meeting as inflation cools to "relatively standard" levels. The official noted that monetary conditions would remain restrictive even if the Bank Board delivers a 50bp cut, adding that the materialisation of inflationary risks and koruna weakness could prompt policymakers to reduce the pace of monetary easing.
  • Czechia's GDP contracted 0.2% Y/Y and grew 0.2% Q/Q in the final quarter of last year, according to advance data published by the CZSO. This implies a 0.4% Y/Y contraction in the whole 2023. The data confirmed stagnation in the Czech economy, keeping pressure on the CNB to continue its monetary easing cycle at the upcoming rate review.
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