CNB makes progress on draft new CNB Act

At its meeting on 14 February 2008, the CNB Bank Board evaluated the draft Act on the Czech National Bank following an inter-ministry comments procedure. The Act is being prepared for the period following euro area entry and the adoption of the euro as the currency of the Czech Republic. Work on this Act has been under way at the Czech National Bank since 2006, when the statement of intent – officially acknowledged by the Government in March 2007 – was drawn up.

The Act aims to fully harmonise the legislation on the position, competences and activities of the central bank following the Czech Republic’s entry into the euro area and the adoption of the euro as its currency.

After discussing the draft Act, the Bank Board decided to submit it to the European Central Bank for consultation.

The Act is scheduled to take effect on the date of adoption of the euro as the currency of the Czech Republic.

Pavlína Bolfová, CNB spokesperson