After discussing the 7th situation report (Autumn 2025 Monetary Policy Report), the Bank Board kept interest rates unchanged. Consistent with the forecast is broad stability of short-term market interest rates over the next few quarters, followed by a gradual increase in rates. Inflation will be close to the 2% target next year and increase slightly at the start of 2027. Growth in domestic economic activity will be above 2%.
This Monetary Policy Report was approved by the CNB Bank Board on 13 November 2025 and (with some exceptions) contains the information available as of 24 October 2025.
Monetary Policy Report
- Monetary Policy Report – Autumn 2025 (pdf, 3 MB)
- Box – Openness of the Czech economy to external trade
- Appendix – The household saving rate in the current phase of economic growth
Chartbook and underlying data
- Chartbook – Autumn 2025 (pdf, 4 MB)
- Table of key macroeconomic indicators – Autumn 2025 (xlsx 68 kB)
- Underlying data – Monetary Policy Report (xlsx, 238 kB)
- Underlying data – Chartbook (xlsx, 500 kB)
- Underlying data – Box (xlsx, 396 kB)
- Underlying data – Appendix (xlsx, 570 kB)
- Scoreboard – updated methodology (April 2025) (pdf, 1.6 MB)
Presentation for analysts