After discussing the 3rd situation report (Spring 2026 Monetary Policy Report), the Bank Board left interest rates unchanged. Consistent with the forecast is a rise in short-term market interest rates in Q2. The forecast expects interest rates to decline again next year. Inflation will be close to 3% in late 2026 and early 2027 and return to close to the target during 2027. Growth in domestic economic activity will slow slightly this year and pick up again next year.
This Monetary Policy Report was approved by the CNB Bank Board on 14 May 2026 and (with some exceptions) contains the information available as of 24 April 2026.
Monetary Policy Report
- Monetary Policy Report – Spring 2026 (pdf, 3 MB)
- Box 1 – Reduction in the steady-state growth rates of foreign economies and domestic exports and imports
- Box 2 – The sensitivity of consumer prices to energy shocks: An input-output analysis
- Box 3 – Mortgage refixing and refinancing and their effects on the structure of household expenditure
- Appendix – Assessment of the fulfilment of the 2024 forecasts
Chartbook and underlying data
- Chartbook – Spring 2026 (pdf, 4 MB)
- Table of key macroeconomic indicators – Spring 2026 (xlsx 68 kB)
- Underlying data – Monetary Policy Report (xlsx, 268 kB)
- Underlying data – Chartbook (xlsx, 630 kB)
- Underlying data – Boxes (xlsx, 610 kB)
- Underlying data – Appendix (xlsx, 519 kB)
- Scoreboard – innovated structure (January 2026) (pdf, 1.1 MB)
Presentation for analysts