After discussing the 5th situation report (Summer 2026 Monetary Policy Report), the Bank Board left interest rates unchanged. Consistent with the forecast is broad stability of short-term market interest rates. Inflation will be close to the 2% inflation target this year. It will temporarily rise to 3% at the start of next year, then return to near the target. Economic growth will slow slightly this year and pick up again next year.
This Monetary Policy Report was approved by the CNB Bank Board on 13 August 2026 and (with some exceptions) contains the information available as of 24 July 2026.
Monetary Policy Report
- Monetary Policy Report – Summer 2026 (pdf, 2.6 MB)
- Box 1 – Wage growth in the historical context: between convergence and cost pressures
- Box 2 – How do banks and their clients react to changes in the CNB’s interest rates?
- Box 3 – An analysis of consumer credit growth and its links with the housing market
Chartbook and underlying data
- Chartbook – Summer 2026 (pdf, 4 MB)
- Table of key macroeconomic indicators – Summer 2026 (xlsx 71 kB)
- Underlying data – Monetary Policy Report (xlsx, 246 kB)
- Underlying data – Chartbook (xlsx, 587 kB)
- Underlying data – Boxes (xlsx, 1 MB)
- Scoreboard – innovated structure (January 2026) (pdf, 1.1 MB)
Presentation for analysts