CNB Bank Board decisions from other years
Voting of the Bank Board
The Bank Board discusses monetary issues eight times a year, and, in exceptional cases, it may also take decisions on monetary issues at extraordinary meetings. The Bank Board’s interest rate decision is published after the end of monetary policy meeting, at 1 p.m. This is followed by a press conference at 2.30 p.m., at which the CNB releases the ratio of the votes cast, a brief digest of the information which the Bank Board based its discussion on, and a list of the risks pertaining to the current forecast according to the Bank Board members. The presentation given at the press conference is made available immediately after the press conference, usually at around 3 p.m. Since May 2007 audio recordings and since December 2009 also videos from the press conference have been made available on the CNB website about one hour after the press conference. The minutes of the meeting, reflecting the Bank Board members’ discussion, are usually published 8 days later. Since June 2011, the CNB has published a Graph of Risks to the Inflation Projection (GRIP) along with a commentary together with the minutes of monetary policy meetings at which a new forecast is not available (i.e. four times a year). The GRIP is one of the starting points for the formulation of the Bank Board members’ opinions on the final balance of risks to the current forecast and for their monetary policy decision-making. Detailed transcripts of all monetary policy Bank Board meetings and the related inputs for the decisions (the Situation Report on Economic and Monetary Developments and the Monetary Policy Recommendations) are published six years later.
The Monetary Policy Recommendations were part of the Situation Reports until May 2001. At its meeting on 31 May 2001, the CNB Bank Board decided not to include them in the Situation Reports any more. Since this date the Monetary Policy Recommendations have been prepared as a separate document. From June 2001 to March 2004, the Monetary Policy Recommendations contained the risk assessment and recommendation formulated by the Monetary Policy Division (i.e. only one of the several divisions within the Monetary and Statistics Department). This recommendation was discussed further in the Monetary and Statistics Department and therefore could differ from the final recommendation of the Monetary and Statistics Department submitted to the Bank Board during the discussion of the Situation Report. Since April 2004, the Monetary Policy Recommendation has contained the risk assessment and final recommendation of the Monetary and Statistics Department.