Monetary Policy Report – Autumn 2023

After discussing the Autumn 2023 Monetary Policy Report, the Bank Board kept interest rates unchanged. The baseline scenario of the autumn forecast implies a decline in market interest rates from 2023 Q4 onwards. The ongoing disinflation process will halt temporarily in Q4 due to the statistical effect of last year’s energy savings tariff. However, inflation will fall sharply to close to the 2% inflation target at the start of 2024. Domestic economic activity is going through a downturn this year but will start to grow again next year.

This Monetary Policy Report was approved by the CNB Bank Board on 9 November 2023 and (with some exceptions) contains the information available as of 20 October 2023.

Monetary Policy Report

Chartbook and underlying data

Presentation for analysts