FX rate declared by the CNB for 20/3/2026
EUR - 24.505 CZK
USD - 21.204 CZK

CNB WP 5/2026 – International Spillovers from Euro Area Monetary Policy to Advanced Small Open Economies: Investment Behavior of Czech Firms

The paper examines spillovers of euro area monetary policy to investment decisions of Czech firms. The results suggest the presence of the trade channel, some evidence for the balance sheet channel is detected before 2014 and for foreign currency borrowing cost channel after 2014. Importantly, the overall spillovers from euro area monetary policy have weakened significantly since 2014.

CNB Board decisions

Statement of the Bank Board and presentation for the press conference

Inflation falls to 1.4% in February, the lowest since 2016

The CNB comments on the February 2026 inflation figures

Jakub Seidler: The Czech Economy in 2026: En Route to Robust Sustained Growth? (pdf, 5 MB)

Presentation by Bank Board member Jakub Seidler at the French-Czech Chamber of Commerce seminar held in Prague on 10 March 2026 (pdf, 5 MB).

The economy continues to grow robustly

The CNB comments on the GDP figures for 2025 Q4

RPN 1/2026 – Balancing Volatility and Returns in the Czech National Bank’s Foreign Exchange Portfolio: Update on Gold and Bitcoin

The Czech National Bank has published a Research and Policy Note No. 1/2026, Balancing Volatility and Returns in the Czech National Bank’s Foreign Exchange Portfolio: Update on Gold and Bitcoin. The paper updates the original analysis with regard to the implementation of a new strategy to increase the CNB’s gold reserves, and extends it to include a quantitative assessment of the possible inclusion of digital assets in the foreign exchange reserves portfolio. The study assesses the impacts of these changes on portfolio returns and volatility in reserve currencies as well as in Czech koruna terms, based on the current structure of the reserves as of September 2025.

Read CNB Governor Aleš Michl’s selected speeches and interviews in which he explains how the central bank is fighting inflation and what steps it is taking to achieve price stability.

Consumer prices in the Czech Republic are going up at a rate of around 2% a year. Maintaining low, stable and thus predictable inflation is the primary objective of the Czech National Bank.

The CNB Lab innovation hub is a platform that brings together the central bank’s activities in the area of innovation and modern technologies. It provides a single point of access to information on projects focused on artificial intelligence, digital assets testing and the future of payments.

By 2028, the Czech National Bank will hold 100 tonnes of gold – the most in its history – in its international reserves, gradually rebuilding the nation’s gold reserves. Why gold?

Payments are an essential part of our daily lives, and instant payments allow you to send money without the wait. How exactly do they work, and how can they make your life easier? Read more to find out.

The CNB has prepared a web portal devoted to its financial and economic literacy activities for the public.

Key rates

2.50%

Discount rate

3.50%

2W repo rate

4.50%

Lombard rate

Inflation

1.4%

February 2026

Current CNB forecast

1.6%

Inflation 2026

2.1%

Inflation 2027

2.9%

GDP 2026

2.9%

GDP 2027

Capital buffer rates

1.25%

CCyB rate

0.5%

SyRB rate

2.5%

O-SIIBmax rate

Limits on credit ratios

80%

LTV

– –

DTI

– –

DSTI

Golden Rules for Bureau-de-Change Clients

  1. Change money only at designated bureaux de change. Before changing money, carefully read all the information given on the exchange rate list.
  2. The terms “purchase and sale of foreign currency” and the corresponding exchange rates, i.e. the information about the direction of the exchange, are given from the bureau de change’s perspective...

More about ten golden rules