Czech Republic - Factors To Watch on May 21

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March retail sales and first-quarter service sales are due out at 9 a.m. (0700 GMT).

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FINMIN TO SPEAK ON TAXES

Finance Minister Miroslav Kalousek and Chamber of Commerce President Jaromir Drabek hold a joint news conference at 11:30 a.m. (0930 GMT) to discuss the government's tax policy.

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FOREIGN VISITS

Czech Foreign Minister Karel Schwarzenberg meets his Spanish counterpart Miguel Angel Moratinos. News conference at 2:10 p.m. (1210 GMT).

Polish President Lech Kaczynski visits the Czech Republic and meets his Czech counterpart Vaclav Klaus. News conference at 10 p.m. (2000 GMT).

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EARLY RATE HIKE?

The Czech central bank may soon raise its interest rates because inflation-dampening factors such as currency strength have faded away, Bloomberg quoted CNB Vice-Governor Miroslav Singer as saying.

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CURRENT ACCOUNT

The Czech current account posted a much bigger than expected surplus of 8.3 billion crowns ($399.2 million) in March, following a 4.0 billion surplus a month earlier.

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RESEARCH ALERT:

KOMERCNI STARTS PEGAS

Komercni Banka initiated coverage of Czech fabrics maker Pegas Nonwovens with a "buy" recommendation and set a one-year target price at 908 crowns.

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UNIONS PLAN PROTESTS

Trade union leaders have urged their members to come to Prague on June 23 to protest the government's plans for a tax and spending overhaul, aimed at lowering the budget deficit, writes the daily Pravo.

For overview of economic data and forecasts click on For Instant Views of key economic data click on [CZ/INSTANT] For summary of economic data and forecasts For diary of forthcoming Czech events [CZ/DIARY] For calendar of east European economic indicators [CONV/DIARY] TOP NEWS -- Emerging markets [TOP/EMRG] TOP NEWS -- Convergence watch [TOP/EAST]

For an economic indicator diary for the euro zone, the United States and other Group of Seven countries see

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News editor of the day: Alan Crosby on +420 224 190 477; fax: +420 224 229 935

E-mail: prague.newsroom@reuters.com

Reuters Messaging: alan.crosby.reuters.com@reuters.net

($1=20.79 Czech Crown)

[PRAGUE/Reuters/Finance.cz]