After discussing the Summer 2025 Monetary Policy Report, the Bank Board kept interest rates unchanged. Consistent with the forecast is a modest decline in short-term market interest rates initially, followed by a slight increase in rates next year. Inflation will be above the 2% target in 2025 and very close to it over the monetary policy horizon, i.e. in the second half of 2026. The economy is expected to grow by 2.6% this year and next year.
This Monetary Policy Report was approved by the CNB Bank Board on 14 August 2025 and (with some exceptions) contains the information available as of 25 July 2025.
Monetary Policy Report
- Monetary Policy Report – Summer 2025 (pdf, 3 MB)
- Box 1 – Impacts of the introduction of the ETS 2 emissions trading system
- Box 2 – The unfavourable structure of inflation
- Appendix 1 – The Czech housing market in the upward phase of the cycle
Chartbook and underlying data
- Chartbook – Summer 2025 (pdf, 4 MB)
- Table of key macroeconomic indicators – Summer 2025 (xlsx 68 kB)
- Underlying data – Monetary Policy Report (xlsx, 290 kB)
- Underlying data – Chartbook (xlsx, 626 kB)
- Underlying data – Boxes (xlsx, 148 kB)
- Underlying data – Appendix (xlsx, 719 kB)
- Scoreboard – updated methodology (April 2025) (pdf, 1.6 MB)
Presentation for analysts