FX rate declared by the CNB for 20/10/2026
EUR - 24.325 CZK
USD - 21.681 CZK

Presentation for the IMF Annual Meetings 2026 – CNB’s forecast

Presentation by CNB Board member Karina Kubelková and executive director of the Monetary department Petr Sklenář on The CNB’s Forecast (6th Situation Report on Economic and Monetary Developments) for theIMF Annual Meetings 2026 (pdf, 1.7 MB)

Diesel and petrol prices again drive inflation in September

The CNB comments on the September 2026 inflation figures

Lumír Šatran appointed Director of the Moravia Regional Division

At its meeting on 8 October 2026, the Bank Board of the Czech National Bank (CNB) appointed Lumír Šatran Director of the Moravia Regional Division in the Cash and Payments Department following a successful selection procedure. He will take up the position on 1 November 2026. He joins the CNB from the Fire Rescue Service of the Olomouc Region. Until he takes up his post, the division will continue to be headed by Jakub Žák, who was appointed by the Bank Board to manage it on an interim basis following the departure of its former director in August.

CNB WP 13/2026 – Do Inequality and Fiscal Redistribution Matter When Credit Bites Back?

The paper by Michal Škára and Ladislava Issever Grochová examines how the effects of household indebtedness on economic activity vary with the degree of income inequality and explores the role of fiscal redistribution in shaping these effects. Using data for 36 countries over the period 1980–2023, the authors show that, following a short-term positive effect, an increase in household debt has a negative impact on GDP growth over the medium term, with the adverse effect being more pronounced in countries with lower levels of income inequality. This negative effect can be mitigated by fiscal redistribution, particularly when debt-service costs reach their peak, with the mitigating effect of redistribution is stronger in countries with lower income inequality.

Research Cooperation Programme for Students

The Czech National Bank is launching a programme enabling students at Czech universities to work on their theses using selected non-public CNB data under the guidance of a consultant from the Bank. The programme deepens the CNB's cooperation with academia and opens up to students data that have so far been available only to researchers within the Bank. The first call for projects is open in three areas: economic and financial research; statistics; and artificial intelligence and data prototypes. Proposals can be submitted until 31 October 2026.

Personnel changes in the CNB’s Cash and Payments Department

At its meeting on 30 September 2026, the Bank Board of the Czech National Bank (CNB) appointed Denisa Jindřichová Deputy Executive Director of the Cash and Payments Department in charge of the Cash Circulation and Payment Media Protection Division, effective from 1 October 2026. At the same time, it decided to open a selection procedure for the position of Executive Director of the Cash and Payments Department.

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.

Consumer prices in the Czech Republic are going up at a rate of around 2% a year. Maintaining low, stable and thus predictable inflation is the primary objective of the Czech National Bank.

The CNB Lab innovation hub is a platform that brings together the central bank’s activities in the area of innovation and modern technologies. It provides a single point of access to information on projects focused on artificial intelligence, digital assets testing and the future of payments.

By 2028, the Czech National Bank will hold 100 tonnes of gold – the most in its history – in its international reserves, gradually rebuilding the nation’s gold reserves. Why gold?

Payments are an essential part of our daily lives, and instant payments allow you to send money without the wait. How exactly do they work, and how can they make your life easier? Read more to find out.

The CNB has prepared a web portal devoted to its financial and economic literacy activities for the public.

Key rates

2.75%

Discount rate

3.75%

2W repo rate

4.75%

Lombard rate

Inflation

2.5%

September 2026

Current CNB forecast

2.0%

Inflation 2026

2.5%

Inflation 2027

2.2%

GDP 2026

2.7%

GDP 2027

Capital buffer
rates

1.25%

CCyB rate

0.5%

SyRB rate

2.5%

O-SIIBmax rate

Limits
on credit ratios

80%

LTV

– –

DTI

– –

DSTI

Recommendations
for investment mortgages

70%

LTV Investment

7x

DTI Investment

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