Bank Board decisions

The Bank Board discusses monetary issues eight times a year, and, in exceptional cases, it may also take decisions on monetary issues at extraordinary meetings. The Bank Board’s monetary policy decision is published after the end of monetary policy meeting, at 2:30 p.m. This is followed by a press conference, at 3:45 p. m., at which the CNB releases the statement of the Bank Board containing the ratio of the votes cast about the interest rate settings. The statement also contains the reasons behind the Bank Board decision, including the risks pertaining to the current forecast according to the Bank Board.

Interest rates are the CNB’s main monetary policy instrument. Each rate decision is preceded by a monetary policy meeting at which the Monetary Department presents an assessment of current economic developments and makes a recommendation on interest rates and related communication. This is followed by questions and the Bank Board’s discussion. At the end of the meeting, the Bank Board votes on interest rates and exceptionally also on other measures.