The CNB is to set up a new Research and Statistics Department

The Czech National Bank (CNB) is to set up a Research and Statistics Department to replace the existing Statistics and Data Support Department. The change is in line with the recommendations of external reviews of the CNB’s monetary policy analytical and modelling framework, which imply a need to broaden the role of economic research, increase the emphasis on the use of available data sources and develop an alternative economic model. The new department will be headed by Simona Malovaná, current Director of the Financial Research Division in the Financial Stability Department. The CNB Bank Board made this decision at its meeting on 5 December 2024, with effect from 1 January 2025.

Štěpán Radkovský, Director of the Monetary and Financial Statistics Division, will become Acting Executive Director of the Research and Statistics Department. Besides the existing divisions covering statistics and data support, the department will also consist of two new divisions: a Research Division, whose Acting Director will be Martin Hodula, and an Economic Modelling Division, whose Acting Director will be Stanislav Tvrz.

The organisational changes respond to the recommendations of external reviews of the CNB’s monetary policy analytical and modelling framework. All these reviews place emphasis on the role of research and data sources and also on the need to increase the flexibility of economic modelling and the preparation of analyses. The merger of the research function, which up to now has been divided between the Financial Stability Department and the Monetary Department, will boost its significance and enhance the CNB’s ability to analyse and model economic trends and implement measures to streamline coordination and increase the contribution of research and statistical work for monetary policy and financial stability purposes.

An important task for the Research and Statistics Department will be to develop an alternative macroeconomic model. This step will enable the CNB to better address the uncertainty in its economic forecasts and bring its forecasting practice closer to international standards, where multiple forecasting models are commonly used.

The current Executive Director of the Statistics and Data Support Department Petr Staněk is to leave his position at the end of 2024. The current Deputy Executive Director of the Statistics and Data Support Department Ivan Matalík will also depart his post on 31 December 2024. The changes will not affect the total staff numbers at the CNB.

Simona Malovaná received her doctorate in theoretical economics from the Institute of Economic Studies at Charles University. She has received several awards, including the Karel Engliš Prize, presented by the Czech Economic Society for the best paper on Czech economic policy, and the František Vencovský Prize, presented by the University of Finance and Administration to young researchers below the age of 35. She joined the CNB in 2014 and has served as Director of the Financial Research Division in the Financial Stability Department since October 2019. During her time at the CNB she has participated in numerous specialised and managerial training courses abroad. Her research focuses on the impact of macroprudential policy instruments and the interaction between monetary and macroprudential policies. She publishes regularly in economic journals and also lectures at conferences.

Jakub Holas
Director, CNB Communications Division