After discussing the 1st situation report (Winter 2026 Monetary Policy Report), the Bank Board kept interest rates unchanged. Consistent with the forecast is broad stability of short-term market interest rates in the first half of this year, followed by a slight increase in rates. Inflation will be below 2% this year and return very close to the target at the start of 2027. Growth in domestic economic activity will be around 3%.
This Monetary Policy Report was approved by the CNB Bank Board on 12 February 2026 and (with some exceptions) contains the information available as of 23 January 2026.
Monetary Policy Report
- Monetary Policy Report – Winter 2026 (pdf, 3 MB)
- Box 1 – The condition of Czech industry
- Box 2 – AI in European firms – where is it used and how is it changing business processes?
- Box 3 – Assessment of the fulfilment of the inflation target over the last two years
- Appendix – The Inflation and Monetary Policy Risks Scoreboard – innovations in response to a changing economic environment
Chartbook and underlying data
- Chartbook – Winter 2026 (pdf, 3.9 MB)
- Table of key macroeconomic indicators – Winter 2026 (xlsx, 68 kB)
- Underlying data – Monetary Policy Report (xlsx, 238 kB)
- Underlying data – Chartbook (xlsx, 586 kB)
- Underlying data – Boxes (xlsx, 1 MB)
- Scoreboard – innovated structure (January 2026) (pdf, 1.1 MB)
Presentation for analysts