Balance of payments – commentary

September 2025

The current account surplus amounted to CZK 29.4 billion in September. The goods and services balance ended in a surplus of CZK 50.0 billion. Direct investment dividends totalling CZK 16.8 billion were recorded on the debit side of the primary income balance. Income and capital transfers included a surplus on transactions of CZK 38.9 billion vis-à-vis EU institutions.

Current account
(CZK billions)

Net capital outflows on the financial account (net lending) reached CZK 46.9 billion in September. Transaction growth in assets to non-residents reached CZK 141.0 billion, while the growth in liabilities to non-residents amounted to CZK 94.1 billion. Foreign direct investment recorded a net capital outflow of CZK 25.0 billion, due to the balances within equity capital (CZK 13.1 billion) and debt instruments (CZK 11.9 billion). Portfolio investment saw a net capital inflow of CZK 37.5 billion amid transaction growth of positions vis-à-vis non-residents on both sides of the balance sheet. On the liabilities side, the growth was driven mainly by an increase in non-residents’ holdings of debt securities issued by domestic commercial banks (CZK 37.9 billion) and general government (CZK 32.3 billion). On the asset side, increases were recorded for holdings of non-residents’ securities by domestic commercial banks (CZK 20.1 billion) and other sectors (CZK 16.0 billion).

Direct and portfolio investment
(CZK billions)

Other investment recorded net capital outflows of CZK 5.4 billion amid transaction growth in both assets (CZK 41.4 billion) and liabilities (CZK 36.0 billion). The largest movements within the other investment category were recorded for deposits of resident commercial banks on both sides of the balance sheet. Asset-side domestic commercial banks’ deposits with non-resident entities increased by CZK 40.1 billion. By contrast, non-residents’ deposits with domestic commercial banks rose by CZK 45.8 billion. Growth in liabilities to non-residents was dampened mainly by a drop in other accounts payable of commercial banks (CZK 18.6 billion). Other sectors recorded the largest movement within deposits with non-residents (a decrease of CZK 8.3 billion). International reserves picked up by CZK 51.9 billion in September owing to transactions.