The CNB left interest rates unchanged, inflation will be very close to the 2% target over the monetary policy horizon

We have published the introductory section of the Monetary Policy Report entitled “The decision, the outlook and associated risks” (together with the boxes, the appendix and the table of key macroeconomic indicators) a week in advance of the whole Report. The author of this section is Director of the Monetary Policy and Fiscal Analyses Division Zdeněk Pikhart. The whole Report will be published on 15 August 2025.