After discussing the Winter 2025 Monetary Policy Report, the Bank Board lowered the two-week repo rate by 0.25 pp. Consistent with the winter forecast is a continued decline in short-term market interest rates, followed by broadly stable rates from mid-2025 onwards. Inflation will be slightly above the 2% target in 2025 and very close to it over the monetary policy horizon, i.e. in the first half of 2026. The Czech economy returned to growth last year and will accelerate further this year to 2%.
This Monetary Policy Report was approved by the CNB Bank Board on 13 February 2025 and (with some exceptions) contains the information available as of 24 January 2025.
Monetary Policy Report
- Monetary Policy Report – Winter 2025 (pdf, 3 MB)
- Box 1 – Territorial changes in Czech exports
- Box 2 – Assessment of the fulfilment of the inflation target over the last two years
- Appendix 1 – The shadow forecast produced by the extended g3+ model
- Appendix 2 – The net wage in recent years
Chartbook and underlying data
- Chartbook – Winter 2025 (pdf, 4.2 MB)
- Table of key macroeconomic indicators – Winter 2025 (xlsx 69 kB)
- Underlying data – Monetary Policy Report (xlsx, 283 kB)
- Underlying data – Boxes (xlsx, 269 kB)
- Underlying data – Appendices (xlsx, 953 kB)
- Scoreboard – methodology (October 2024) (pdf, 1.6 MB)
Presentation for analysts
