Balance of payments – commentary

November 2025

The current account surplus amounted to CZK 8.2 billion in November. The goods and services balance ended in a surplus of CZK 40.5 billion. Direct investment dividends totalling CZK 12.1 billion were recorded on the debit side of the primary income balance. Income and capital transfers include a negative balance of transactions vis-à-vis EU institutions, totalling CZK 6.8 billion.

Current account
(CZK billions)

Net capital inflows on the financial account (net borrowing) reached CZK 26.5 billion in November. Transaction growth in assets to non-residents amounted to CZK 114.4 billion amid a simultaneous rise in liabilities to non-residents of CZK 140.8 billion. Foreign direct investment recorded a net capital outflow of CZK 37.2 billion, driven by both the balance of flows into equity capital (CZK 23.0 billion) and the balance of flows in debt instruments (CZK 14.2 billion). Portfolio investment recorded a net capital outflow of CZK 5.8 billion, with assets increasing by CZK 13.1 billion and liabilities by CZK 7.2 billion owing to transactions. The outflow on the asset side was due mainly to growth in holdings of non-resident securities by resident banks (CZK 9.4 billion). On the liabilities side, the increase in non-residents’ holdings of shares in resident entities (CZK 18.1 billion) was offset by a decrease in non-residents’ holdings of debt securities issued by residents (CZK 10.8 billion).

Direct and portfolio investment
(CZK billions)

Other investment recorded net capital inflows of CZK 82.6 billion amid transaction growth in both liabilities to non-residents (CZK 126.3 billion) and assets vis-à-vis non-residents (CZK 43.8 billion). The increase in the volume of liabilities was driven mainly by a rise in non-resident deposits with domestic banks (including the CNB) totalling CZK 110.5 billion and by the drawing of foreign loans by general government (CZK 13.0 billion). On the asset side, the increase was due predominantly to growth in deposits of domestic commercial banks with non-residents (CZK 44.8 billion) and loans from government institutions to non-residents (CZK 4.2 billion). Counteracting this on the asset side was a drop in loans from domestic commercial banks to non-residents (CZK 11.4 billion). International reserves increased by CZK 12.7 billion in November owing to transactions.