Monetary Policy Report – Winter 2025

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

Chartbook and underlying data

Presentation for analysts