FX rate declared by the CNB for 12/2/2026
EUR - 24.245 CZK
USD - 20.419 CZK

CNB publishes research priorities for 2026–2028

The Czech National Bank (CNB) today published its research priorities for 2026–2028. The new framework strengthens the transparency of the bank’s research activities and their link to decision-making in the areas of monetary policy and financial stability. At the same time, it enables a flexible response to new economic, financial and technological challenges.

Assessment of the fulfilment of the inflation target over the last two years

The CNB’s price stability mandate involves retrospectively assessing the fulfilment of its 2% inflation target every year. This year’s analysis assesses the fulfilment of the inflation target in 2024 and 2025, when inflation was slightly above the target. It can be said with the benefit of hindsight that the CNB’s interest rate settings were appropriate. Published as part of the Winter 2026 Monetary Policy Report.

RPN 1/2023 – Addendum: Gold and Digital Assets Update

The Czech National Bank has published a supplement (addendum) to Research and Policy Note No. 1/2023, Balancing Volatility and Returns in the Czech National Bank’s Foreign Exchange Portfolio. The addendum updates the original analysis with regard to the implementation of a new strategy to increase the CNB’s gold reserves, and extends it to include a quantitative assessment of the possible inclusion of digital assets in the foreign exchange reserves portfolio. The study assesses the impacts of these changes on portfolio returns and volatility in reserve currencies as well as in Czech koruna terms, based on the current structure of the reserves as of September 2025.

AI in European firms – where is it used and how is it changing business processes?

The use of AI in Czech firms is above the EU average and is increasing across the economy. However, a more detailed look reveals that there is still scope for more intensive use of AI, particularly in manufacturing. Published as part of the Winter 2026 Monetary Policy Report.

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 Q4 in the Quarterly information on the CNB’s international reserves.

The condition of Czech industry

Industry has always held a key position in the Czech economy. In recent years, however, it has been on the wane and services have taken the lead. This box provides a detailed description of the situation in Czech industry and compares it with developments in neighbouring countries. Published as part of the Winter 2026 Monetary Policy Report.

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 Lab innovation hub is a platform that brings together the central bank’s activities in the area of innovation and modern technologies. It provides a single point of access to information on projects focused on artificial intelligence, digital assets testing and the future of payments.

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.

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

Key rates

2.50%

Discount Rate

3.50%

2W Repo Rate

4.50%

Lombard Rate

Inflation

2.1%

December 2025

CNB current forecast

1.6%

Inflation 2026

2.1%

Inflation 2027

2.9%

GDP 2026

2.9%

GDP 2027

Capital buffer rates

1.25%

CCyB rate

0.5%

SyRB rate

2.5%

O-SIIBmax 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...

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