FX rates 14.02.2025
All FX rates
EUR - 25.050 CZK
USD - 23.906 CZK
GBP - 30.106 CZK

The shadow forecast produced by the extended g3+ model

This appendix presents the next in a series of modifications and minor extensions of the g3+ core forecasting model. The foreign block of the model now captures the link between the euro area and Fed monetary policy, an interest rate with longer maturity has been added to the domestic block and other extensions have been made. The current extended version of g3+ has also been used to prepare a shadow forecast in this appendix. This extended model will be the CNB’s main forecasting tool starting with the Spring 2025 MPR. Published as part of the Winter 2025 Monetary Policy Report.

Inflation decreases to 2.8% in January 2025

The CNB comments on the January 2025 inflation figures

The net wage in recent years

If legislative changes are introduced that affect labour taxation, the gross wage may not faithfully capture the purchasing power of households. The net wage is therefore a more appropriate indicator. Moreover, households’ real purchasing power is also affected by inflation. This analysis summarises the relevant legislative changes in recent years and their effects on the nominal and real net wage. It reveals that more than half of Czech households now have greater real purchasing power than they did in 2019. Published as part of the Winter 2025 Monetary Policy Report.

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 once a year. This year’s analysis assesses the fulfilment of the inflation target in 2023 and 2024, when inflation visibly slowed from previous double figures. In hindsight, it can be said – with knowledge of the exceptional events that occurred – that monetary policy should have been significantly tighter in the relevant period to mitigate the strong inflation pressures. Published as part of the Winter 2025 Monetary Policy Report.

Territorial changes in Czech exports

Czech exports are highly dependent on demand from foreign trading partners, especially euro area countries. However, those countries have not been faring too well overall recently. Yet the decline in Czech exports has been smaller than might have been expected, as Czech firms appear to have found new markets in countries outside the euro area. This analysis describes how and when the Czech export structure changed and how much the link between exports and euro area demand is changing. Published as part of the Winter 2025 Monetary Policy Report.

cnBlog – The euro and us: The role of global and local factors in financial market integration

In a new blog post, CNB experts analyse the impact of global economic shocks on financial market alignment in the euro area and selected EU countries with national currencies (the Czech Republic, Poland and Hungary). Examining the differences in alignment across various financial market segments (equities, government bonds, foreign exchange and the money market) may prove useful in the context of potential future euro adoption.

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 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?

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

Read the CNB’s regular and occasional publications.

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.

Key rates

2.75%

Discount Rate

3.75%

2W Repo Rate

4.75%

Lombard Rate

Inflation

2.8%

January 2025

CNB current forecast

2.4%

Inflation 2025

2.1%

Inflation 2026

2.0%

GDP 2025

2.4%

GDP 2026

Capital buffer rates

1.25%

CCyB rate

0.5%

SyRB rate

2.5%

O-SIImax 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...

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).