FX rates 15.04.2024
All FX rates
EUR - 25.325 CZK
USD - 23.768 CZK
GBP - 29.660 CZK

CNB WP 3/2024 – Understanding Inflation Expectations: Data, Drivers and Policy Implications

In this paper, the authors examine how inflation expectations are formed in the Czech economy and how they affect inflation developments. They also present a composite index which captures the overall trend in inflation expectations across the economy as a whole. Additionally, they extend their g3+ structural core projection model by incorporating a modified mechanism for forming inflation expectations and link it to the aforementioned composite index. The simulation prepared using the adjusted model serves as a useful guide for monetary policymaking in an environment of high inflation.

cnBlog – The rise of artificial intelligence: Does humanity have a revolutionary yet double-edged weapon?

Artificial intelligence is currently one of the fastest-developing and revolutionary technologies in the world. Luboš Komárek and Michaela Ryšavá from the CNB’s Monetary Department focus not only on the positive effects of AI from the point of view of economics, but also on the potential risks and negative impacts on people’s lives.

CNB WP 1/2024 – Wage-Price Spirals: A Risk-Based Approach

The global discussion about wage-price spirals has revived recently due to the wave of elevated inflation. This paper proposes a new approach to their empirical analysis, which is based on an assessment of the risk of simultaneous rapid growth in wages and prices. The proposed framework allows us to identify forthcoming episodes of elevated wage-price spiral risk and episodes of its materialization. Moreover, we show that the risk of a wage-price spiral varies with the usual business cycle factors and monetary policy.

Financial market inflation expectations – March 2024

Sixteen domestic and two foreign respondents sent in their contributions to the March survey of financial market inflation expectations. The survey results reveal that predicted inflation decreased at both the one-year and three-year horizons and is very close to the CNB’s 2% inflation target. The estimated GDP growth rate for this year is also lower, while the outlook for next year is unchanged. Most of the respondents were right to expect the CNB Board meeting in March to result in cutting the 2W repo rate by 50 basis points to 5.75%. (pdf, 1 MB)

New division director in the Financial Regulation and International Cooperation Department

David Vyhnálek will become Director of the Financial Market Regulation Division III in the Financial Regulation and International Cooperation Department. The Bank Board made this decision at its meeting on 28 March 2024. The change will take effect on 1 April 2024.

Macroprudential and monetary policies in the era of Great Macrofinancial Volatility

Presentation by Deputy Governor Jan Frait for the Financial Stability Conference: Turbulent Times, which was held in Budapest on 25 March 2024 (pdf, 278 kB).

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

4.75%

Discount Rate

5.75%

2W Repo Rate

6.75%

Lombard Rate

1.75%

CCyB
Rate

Inflation

2.0%

March 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).