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Czech Watch - 24 November 2000

24.11.2000 9:38
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The Central Bank board members appointment has elaborated. Leaving CNB governor mentioned yesterday that his successor should be “politically non-controversial”. Magazines wrote that he supported O. Dědek to become a new Governor and A. Čapek, chief o monetary section in CNB, as one of two new board members. President Havel thus delayed appointment of the new governor and new board members.

The Senate did not approve the controversial income-tax amendment yesterday. The amendment thus returned to the Lower House. The main point of critics was a passage requiring taxpayers to add liabilities more 30 days overdue into the tax base. Another controversial amendment concerned a change of taxation of “old taxed” state bonds. Fixed-income market assumed the decision of the Senate and nothing surprising had happened.

The Czech koruna was traded in a tight range yesterday. The central bank reluctance to intervene enables the koruna to stay at the record highs. Late on Thursday the koruna was trading at 34.35 to the euro from the morning’s 34.30. Against the dollar koruna left unchanged yesterday.

Bonds had another quiet day on Thursday, with mood slightly bullish again. Some trades have been done on MoF 6.75, Konsolidacni to name the major ones, with only few trades on remaining issues. CNB board has not been announced so far, however we do not think bond would react much after such an information, as the market is pretty sure who will be new governor. Both IRS and money market rates have been stable during the day, all of which seem to have been caused by US holiday.

Current benchmark prices: MoF 6.75/05 98.85-15 (+20 bps), MoF 6.30/07 93.60-90 (+5 bps), MoF 6.40/10 91.60-90 (+5 bps).

(David Marek) Patria Finance


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