CNB Board decisions
The Bank Board discusses monetary issues eight times a year, and, in exceptional cases, it may also take decisions on monetary issues at extraordinary meetings. The Bank Board’s monetary policy decision is published after the end of monetary policy meeting, at 1 p.m. This is followed by a press conference, at 2:15 p. m., at which the CNB releases the statement of the Bank Board containing the ratio of the votes cast about the interest rate settings. The statement also contains the reasons behind the Bank Board decision, including the risks pertaining to the current forecast according to the Bank Board. The statement of the Bank Board and the background material for the presentation given at the press conference are made available immediately on the CNB website. Audio and video recordings are also available on the CNB website about one hour after the press conference. The minutes of the meeting, reflecting the Bank Board members’ discussion, are usually published eight days later. When a new forecast is not available (i.e. four times a year), a Graph of Risks to the Inflation Projection (GRIP) with comments is published. The GRIP is one of the inputs for the Bank Board members when they form opinions on the balance of the risks of the last forecast and make their monetary-policy decisions. Detailed transcripts of all monetary policy Bank Board meetings and the related inputs for the decisions (the Situation Report on Economic and Monetary Developments and the Monetary Policy Recommendations) are published six years later.
The Monetary Policy Recommendations were part of the Situation Reports until May 2001. At its meeting on 31 May 2001, the CNB Bank Board decided not to include them in the Situation Reports any more. Since this date the Monetary Policy Recommendations have been prepared as a separate document. From June 2001 to March 2004, the Monetary Policy Recommendations contained the risk assessment and recommendation formulated by the Monetary Policy Division (i.e. only one of the several divisions within the Monetary and Statistics Department). This recommendation was discussed further in the Monetary and Statistics Department and therefore could differ from the final recommendation of the Monetary and Statistics Department submitted to the Bank Board during the discussion of the Situation Report. From April 2004 onwards, the Monetary Policy Recommendation contained the risk assessment and final recommendation of the Monetary and Statistics Department. Since 1 April 2015, when the Monetary and Statistics Department was divided into two separate departments, the Monetary Policy Recommendations have been prepared by the Monetary Department.