Change to CNB media quarantine

The Czech National Bank is changing part of its media quarantine rules relating to monetary policy meetings. Starting with the February monetary policy meeting, CNB representatives will, under the circumstances defined below, be able to appear in the media immediately after the press conference on the results of the policy meeting ends.

Under the CNB’s current media quarantine rules, Bank Board members and CNB experts refrain from appearing in the media and commenting on monetary policy, the economic outlook and other issues that might be relevant to monetary policy decisions for one week before and approximately one week after monetary policy meetings (or until the Minutes of the Bank Board Meeting are published).

The media quarantine rules applying to the period before monetary policy meetings are unchanged. However, CNB representatives will now be allowed to speak in the media and in public after the end of the press conference following the end of the policy meeting. Until the end of the quarantine period, however, these comments may only contain information contained in the CNB’s published official communications (i.e. the Statement of the Bank Board presented at the press conference and the presentation from this press conference, the Meeting with Analysts and the summary, boxes and table of key macroeconomic indicators of the Inflation Report).

Bank Board members will still not be able to present their personal opinions until after the quarantine ends, i.e. after the minutes of the Bank Board meeting are published, usually eight days after each policy meeting.

The amended media quarantine rules will be applied for the first time after the Bank Board’s first monetary policy meeting this year, which is to be held on 7 February 2019. The media quarantine periods for 2019 are available on the CNB website, as are the dates of the monetary policy meetings, which are held eight times a year.

Media quarantine is a standard communication instrument for modern central banks. The central bank takes such action in order to prevent speculation about current monetary policy decision-making and to ensure that there is a level playing field – particularly for the financial markets – for receiving and processing this sensitive information.

Markéta Fišerová
Director of the Communications Division and CNB Spokesperson