FX rates 23.02.2024
All FX rates
EUR - 25.350 CZK
USD - 23.394 CZK
GBP - 29.700 CZK

Global Economic Outlook 2/2024 is out now

The February issue of Global Economic Outlook presents the regular monthly overview of recent and expected developments in selected territories. The analytical section of this issue focuses on 22 inflation-targeting central banks. It compares the forecasting and analytical tools and processes they apply when making monetary policy, using data obtained from a questionnaire survey conducted by the CNB in the second half of 2023.

Assessment of the fulfilment of the inflation target in 2022 and 2023

The CNB’s price stability mandate involves retrospectively assessing the fulfilment of its 2% inflation target once a year. This year’s analysis assesses the fulfilment of the inflation target in 2022 and 2023, when inflation was well above the CNB’s 2% target. The factors underlying the deviation of inflation from the target provide an insight into the origin of the inflation pressures faced by the Czech economy in the past two years. Published as part of Monetary Policy Report – Winter 2024.

The updated g3+ core forecasting model and the shadow forecast

The g3+ core projection model has been continuously refined since its inception. This year, it is undergoing further innovations and improvements to reflect recent turbulent economic developments and forecasting experience. Some of the linkages in the model have been revised to provide a better description of the economic environment. The updated version of the g3+ model has also been used to produce a shadow forecast, which is also included in this Appendix. Published as part of Monetary Policy Report – Winter 2024.

Inflation falls sharply and returns to the CNB’s 2% target in January 2024

The CNB comments on the January 2024 inflation figures

Government not to set euro adoption date yet

The Government has acknowledged a joint recommendation of the Ministry of Finance of the Czech Republic and the Czech National Bank not to set a date for adopting the single European currency yet. The recommendation is based on the findings contained in the “Assessment of the Fulfilment of the Maastricht Convergence Criteria and the Degree of Economic Alignment of the Czech Republic with the Euro Area”. This document has objectively assessed the Czech Republic’s economic preparedness for adopting the euro since the country joined the European Union.

CNB WP 19/2023 – Monetary Policy Has a Long-Lasting Impact on Credit: Evidence from 91 VAR Studies

We synthesized 3,175 estimates (454 impulse responses) of the semi-elasticity of credit with respect to changes in the monetary policy rate from 91 vector autoregression studies. We found that monetary policy tightening consistently yields a negative and long-lasting response in both credit volume and credit growth. Several factors contribute to the substantial heterogeneity of the effect sizes in this literature, notably publication selectivity and researchers’ choice of estimation design.

Read CNB Governor Aleš Michl’s selected speeches and interviews in which he explains how the central bank is fighting inflation and what steps it is taking to achieve price stability.

The older 1995–1999 versions of Czech banknotes have ceased to be legal tender. How can you identify the invalid banknotes most easily and where can you exchange them?

Key rates

5.25%

Discount Rate

6.25%

2W Repo Rate

7.25%

Lombard Rate

2.0%

CCyB
Rate

Inflation

2.3%

January 2024

CNB current forecast

2.6%

Inflation
2024

2.0%

Inflation
2025

0.6%

GDP
2024

2.4%

GDP
2025

Golden Rules for Bureau-de-Change Clients

  1. Change money only at designated bureaux de change. Before changing money, carefully read all the information given on the exchange rate list.
  2. The terms “purchase and sale of foreign currency” and the corresponding exchange rates, i.e. the information about the direction of the exchange, are given from the bureau de change’s perspective...

More about ten golden rules

CNB resumes operation of services at its branches

  • All branches and regional offices of the Czech National Bank will return to full operation, five days a week, from Monday, 14 December 2020.
  • The standard opening hours for CNB clients and the public will be Monday to Friday from 7.30 am to 2.00 pm, with a lunch break from 11.30 am to 12.30 pm.
  • Before your visit, you can check the opening hours for each of our offices on the CNB website (Prague, Brno, Ostrava, Plzeň, Hradec Králové, České Budějovice and Ústí nad Labem).