FX rates 20.11.2024
All FX rates
EUR - 25.290 CZK
USD - 23.949 CZK
GBP - 30.335 CZK

CNB publishes the results of the external review of its monetary policy analytical and modelling framework

The turbulent past five years – especially the Covid crisis and the subsequent energy crisis – have led many inflation-targeting central banks to consider making changes to the conduct of monetary policy. Like a number of other central banks, the CNB decided to conduct an external review of its monetary policy analytical and modelling framework. This was the first such review in its history.

Inflation increases in October 2024 but remains within the tolerance band around the CNB’s 2% target

The CNB comments on the October 2024 inflation figures

Financial market inflation expectations – October 2024

Fifteen domestic and two foreign analysts took part in the October survey of financial market inflation expectations. The survey results reveal that the one-year inflation forecast remains slightly above the inflation target. The three-year forecast rose slightly to the same level as the one-year forecast. The estimate for domestic economic growth this year is also unchanged, whereas the outlook for next year has been revised marginally downwards. A clear majority of the participating analysts had expected the CNB Bank Board to lower the 2W repo rate by 25 basis points at its November meeting. (pdf, 1 MB)

CNB Board decisions

Transcript of the questions and answers from the press conference

Inflation will rise temporarily to 3% at the turn of the year, then gradually decrease to the CNB’s 2% target

We have published the introductory section of the Monetary Policy Report entitled “The decision, the outlook and associated risks” (together with the appendix and the table of key macroeconomic indicators) a week in advance of the whole Report. The author of this section is Deputy Executive Director of the Monetary Department Jakub Matějů. The whole Report will be published on 15 November 2024.

CNB Board decisions

Statement of the Bank Board and presentation for the press conference

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.

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

The older 1995–1999 versions of Czech banknotes have ceased to be legal tender. How can you identify the invalid banknotes most easily and where can you exchange them?

Read the CNB’s regular and occasional publications.

Key rates

3.00%

Discount Rate

4.00%

2W Repo Rate

5.00%

Lombard Rate

1.25%

CCyB
Rate

Inflation

2.8%

October 2024

CNB current forecast

2.5%

Inflation
2024

2.6%

Inflation
2025

1.0%

GDP
2024

2.4%

GDP
2025

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

CNB resumes operation of services at its branches

  • All branches and regional offices of the Czech National Bank will return to full operation, five days a week, from Monday, 14 December 2020.
  • The standard opening hours for CNB clients and the public will be Monday to Friday from 7.30 am to 2.00 pm, with a lunch break from 11.30 am to 12.30 pm.
  • Before your visit, you can check the opening hours for each of our offices on the CNB website (Prague, Brno, Ostrava, Plzeň, Hradec Králové, České Budějovice and Ústí nad Labem).