Organisational changes in the Monetary Department

The Czech National Bank (CNB) is changing the organisational structure of its Monetary Department with effect from 1 February 2026. The changes reflect the department’s long-term direction, whose primary mission is macroeconomic analysis and forecasting, and are also linked to the ongoing first-ever external review of the CNB’s monetary policy framework. The CNB Bank Board approved these changes at its meeting on 11 December 2025.

The External Economic Relations Division will be abolished as part of the organisational changes. Its activities will be divided between the two existing specialised units within the department – the Monetary Policy and Fiscal Analyses Division and the Macroeconomic Forecasting Division. At the same time, an independent International Organisations Unit will be established, which will report directly to the management of the Monetary Department.

Activities related to analyses and forecasts of external developments will be transferred to the Macroeconomic Forecasting Division. This step aims to further streamline forecasting activities and strengthen the link between the assessment of the external environment and the preparation of forecasts of domestic economic developments. The integration of forecasting and analytical activities within a single unit will support a smoother functioning of the forecasting process and better use of professional synergies.

Balance of payments analysis will now fall under the Monetary Policy and Fiscal Analyses Division. Given its focus on goods, services and capital flows, it naturally complements analysis of the domestic economy and monetary developments and will thus be closely integrated within other analytical inputs used in monetary policy decision-making.

The International Organisations Unit lies, by its nature, at a specific intersection of analytical, coordination and representational activities. Its direct reporting to the management of the Monetary Department will enable the CNB to coordinate its agenda vis-à-vis international institutions and partners more effectively.

The organisational changes are part of the implementation of recommendations contained in the CNB’s first-ever external review of its monetary policy. The review was launched in response to the turbulent economic situation in recent years, particularly the Covid-19 pandemic and the subsequent energy crisis. As a consequence, the CNB decided – like many other inflation-targeting central banks – to conduct an external assessment of its analytical and modelling framework. The review aims to strengthen the analytical base for monetary policy, increase its robustness and transparency and better respond to the experience gained during the period of high inflation.

Luboš Komárek, who served as Director of the External Economic Relations Division, was elected a member of the Czech Fiscal Council by the Chamber of Deputies in November 2025, with effect from 27 January 2026. His employment with the CNB ended on that date.

Jakub Holas
Director, CNB Communications Division