FX rate declared by the CNB for 7/11/2025
EUR - 24.335 CZK
USD - 21.045 CZK

Meeting of Bank Board Member Jan Procházka with Analysts

Presentation, audio, video

Quarterly information on the CNB’s international reserves

The CNB published today additional data on the breakdown of international reserves, their returns, structure and currency structure as of the end of 2025 Q3 in the Quarterly information on the CNB’s international reserves.

The CNB left interest rates unchanged, inflation will be close to the 2% target until the end of next year

We have published the introductory section of the Monetary Policy Report entitled “The decision, the outlook and associated risks” (together with the box and the table of key macroeconomic indicators) a week in advance of the whole Report. The author of this section is Director of the Monetary Policy and Fiscal Analyses Division Zdeněk Pikhart. The whole Report will be published on 14 November 2025.

Financial market inflation expectations – October 2025

Fourteen domestic and two foreign analysts sent in their contributions to the October survey of financial market inflation expectations. The survey results show that the outlook for domestic economic and wage growth is slightly more optimistic for this year and next year, with expected consumer price inflation remaining steady over both the one-year and three-year horizons. In addition, as a whole, the analysts turned away from the view that the CNB will lower key interest rates at the one-year horizon, although some still anticipate an easing of monetary policy. (pdf, 1 MB)

CNB Board decisions

Statement of the Bank Board and presentation for the press conference

cnBlog – Economic impacts of defence spending in Europe: between growth and fiscal burden

Europe stands on the threshold of a new era of defense spending. Following Russia’s invasion of Ukraine, EU and NATO member states are moving closer to the commitment of spending 2% of GDP on defense – and many are planning even more. What will be the economic consequences of this shift? The article by Luboš Komárek, Mikuláš Zeman, and Petr Polák summarizes empirical evidence on whether increased investment in defense can stimulate growth or rather burden public budgets.

Read CNB Governor Aleš Michl’s selected speeches and interviews in which he explains how the central bank is fighting inflation and what steps it is taking to achieve price stability.

Consumer prices in the Czech Republic are going up at a rate of around 2% a year. Maintaining low, stable and thus predictable inflation is the primary objective of the Czech National Bank.

The CNB has prepared a web portal devoted to its financial and economic literacy activities for the public.

Read the CNB’s regular and occasional publications.

By 2028, the Czech National Bank will hold 100 tonnes of gold – the most in its history – in its international reserves, gradually rebuilding the nation’s gold reserves. Why gold?

Payments are an essential part of our daily lives, and instant payments allow you to send money without the wait. How exactly do they work, and how can they make your life easier? Read more to find out.

Key rates

2.50%

Discount Rate

3.50%

2W Repo Rate

4.50%

Lombard Rate

Inflation

2.3%

September 2025

CNB current forecast

2.5%

Inflation 2025

2.2%

Inflation 2026

2.3%

GDP 2025

2.4%

GDP 2026

Capital buffer rates

1.25%

CCyB rate

0.5%

SyRB rate

2.5%

O-SIImax rate

Limits on credit ratios

80%

LTV

– –

DTI

– –

DSTI

Golden Rules for Bureau-de-Change Clients

  1. Change money only at designated bureaux de change. Before changing money, carefully read all the information given on the exchange rate list.
  2. The terms “purchase and sale of foreign currency” and the corresponding exchange rates, i.e. the information about the direction of the exchange, are given from the bureau de change’s perspective...

More about ten golden rules