Monetary Policy Report – Summer 2023

Following the discussion of the Summer 2023 Monetary Policy Report, the Bank Board kept interest rates unchanged. The baseline scenario of the summer forecast implies a decline in market interest rates over the entire outlook. Inflation will continue to fall and this downward trend will halt only temporarily in the autumn due to the statistical effect of last year’s energy savings tariff. After it fades out, inflation will fall sharply to close to the 2% inflation target at the start of next year. Domestic economic activity will be broadly flat this year and return to appreciable growth next year.

This Monetary Policy Report was approved by the CNB Bank Board on 10 August 2023 and (with some exceptions) contains the information available as of 21 July 2023.

Monetary Policy Report

Chartbook and underlying data

Presentation for analysts