CNB resumes sales of part of income on international reserves

After nine years, the Czech National Bank is resuming the programme of sales of part of the income on its international reserves. The programme, which aims to slow the increase in the amount of CNB international reserves, is to be resumed with effect from January 2022. 

At its meeting today, the Bank Board of the Czech National Bank decided to resume the programme of sales of part of the income on international reserves with effect from next year.

The programme was launched in April 2004 and suspended in November 2012 to avoid conflict with further monetary policy easing using the koruna exchange rate, i.e. the exchange rate commitment. The decision to resume the programme is part of the monetary policy normalisation pursued since the end of the exchange rate commitment in April 2017 and temporarily interrupted by the Covid crisis.

From January 2022 onwards, the CNB will gradually sell part of the income on its international reserves on the foreign exchange market. The transactions will be executed in such a way that their impact on the exchange rate is minimal.

Markéta Fišerová
Director of the Communications Division and CNB Spokesperson