After discussing the Spring 2025 Monetary Policy Report, the Bank Board lowered the two-week repo rate by 0.25 pp. Consistent with the forecast is a decline in interest rates in 2025 Q2. Inflation will be in the upper half of the tolerance band around the 2% target this year and very close to it over the monetary policy horizon, i.e. in 2026 Q2 and Q3. The growth of the Czech economy will accelerate this year and remain around 2% next year.
This Monetary Policy Report was approved by the CNB Bank Board on 15 May 2025 and (with some exceptions) contains the information available as of 25 April 2025.
Monetary Policy Report
- Monetary Policy Report – Spring 2025 (pdf, 3 MB)
- Box 1 – Czech exports holding course amid a storm of uncertainty
- Appendix 1 – Monetary effects of the general government deficit in the context of rising defence expenditure
- Appendix 2 – Assessment of the fulfilment of the 2023 forecasts
Chartbook and underlying data
- Chartbook – Spring 2025 (pdf, 4 MB)
- Table of key macroeconomic indicators – Spring 2025 (xlsx 69 kB)
- Underlying data – Monetary Policy Report (xlsx, 290 kB)
- Underlying data – Chartbook (xlsx, 626 kB)
- Underlying data – Box (xlsx, 174 kB)
- Underlying data – Appendices (xlsx, 737 kB)
- Scoreboard – updated methodology (April 2025) (pdf, 1.6 MB)
Presentation for analysts