The Czech National Bank held its two-week repo rate steady at 7% for the third consecutive decision in its November 2022 meeting, in line with market expectations, but signaled that it could continue to hike rates starting in the next meeting. Five policymakers voted in favor of holding rates constant, while two voted for a 75bps hike. Board members expect inflation to top around 20% this year before returning to the 2% target in 2024. The latest data pointed to an inflation rate of 18% in September, the highest since 1993. On the growth front, low consumption due to high interest rates and soaring energy prices drove the CNB to downgrade growth estimates. The GDP is expected to grow by 2.2% this year compared to earlier forecasts of 2.3%, and the Czech economy is projected to contract by 0.7% in 2023 from earlier estimates of a 1.2% expansion. In the meantime, the central bank held its discount rate at 6% and its Lombard rate at 8%. source: Czech National Bank

Interest Rate in Czech Republic averaged 4.56 percent from 1995 until 2022, reaching an all time high of 39.00 percent in June of 1997 and a record low of 0.05 percent in November of 2012. This page provides the latest reported value for - Czech Republic Interest Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Czech Republic Interest Rate - data, historical chart, forecasts and calendar of releases - was last updated on November of 2022.

Interest Rate in Czech Republic is expected to be 7.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Czech Republic Interest Rate is projected to trend around 6.25 percent in 2023 and 3.00 percent in 2024, according to our econometric models.

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Czech Republic Interest Rate



Calendar GMT Actual Previous Consensus TEForecast
2022-08-04 12:30 PM 7% 7% 7% 7.5%
2022-09-29 12:30 PM 7% 7% 7% 7%
2022-11-03 01:30 PM 7% 7% 7% 7%
2022-12-21 01:00 PM 7%


Related Last Previous Unit Reference
Interest Rate 7.00 7.00 percent Nov 2022
Interbank Rate 0.17 0.17 percent Nov 2022
Money Supply M1 4881344.75 4908949.10 CZK Million Sep 2022
Money Supply M0 680411.90 678745.30 CZK Million Sep 2022
Money Supply M2 5887346.88 5855360.15 CZK Million Sep 2022
Foreign Exchange Reserves 130500.00 135890.00 USD Million Oct 2022
Banks Balance Sheet 9484324.30 9539063.20 CZK Million Sep 2022
Loans to Private Sector 1287064.09 1302980.49 CZK Million Sep 2022
Deposit Interest Rate 6.00 6.00 percent Nov 2022
Lending Rate 8.00 8.00 percent Nov 2022
Cash Reserve Ratio 2.00 2.00 percent Oct 2022
Money Supply M3 6073566.63 5989740.44 CZK Million Sep 2022
Central Bank Balance Sheet 3367808.40 3501340.50 CZK Million Sep 2022

Czech Republic Interest Rate
In Czech Republic benchmark interest rate is set by the Czech National Bank (Ceská Národní Bank CNB). The official interest rate is the two-week repo rate, a rate at which commercial banks are allowed to place excess funds at the end of the day with the Central Bank.
Actual Previous Highest Lowest Dates Unit Frequency
7.00 7.00 39.00 0.05 1995 - 2022 percent Daily

News Stream
CNB Holds Key Rate at 7% as Expected
The Czech National Bank held its two-week repo rate steady at 7% for the third consecutive decision in its November 2022 meeting, in line with market expectations, but signaled that it could continue to hike rates starting in the next meeting. Five policymakers voted in favor of holding rates constant, while two voted for a 75bps hike. Board members expect inflation to top around 20% this year before returning to the 2% target in 2024. The latest data pointed to an inflation rate of 18% in September, the highest since 1993. On the growth front, low consumption due to high interest rates and soaring energy prices drove the CNB to downgrade growth estimates. The GDP is expected to grow by 2.2% this year compared to earlier forecasts of 2.3%, and the Czech economy is projected to contract by 0.7% in 2023 from earlier estimates of a 1.2% expansion. In the meantime, the central bank held its discount rate at 6% and its Lombard rate at 8%.
2022-11-03
Czech Republic Holds Rate Steady
The Czech National Bank held its two-week repo rate steady at 7% in its September meeting, in line with market expectations, after the annual inflation rate unexpectedly slowed for the first time in 14 months to 17.2% in August. It was the second time that the central bank held borrowing costs unchanged since the start of its 675 bps gradual tightening path in June of 2021. Still, the CNB’s Board said inflation will still rise in the coming few months and it can reach 20% in the autumn, due mainly to gas and electricity prices. It should average 16.5% for this year as a whole (vs spring forecast expected 13.1%) and should decline to around 2% in a year and a half, according to the forecast. The Bank Board assured that the CNB’s actions will be sufficient to restore price stability but remains ready to react appropriately to any materialisation of the risks of the forecast. Meanwhile, the central bank also held its discount rate and its Lombard rate steady at 6% and 8%, respectively.
2022-09-29
Czech Republic Holds Rate at 7% as Expected
The Czech National Bank held its two-week repo rate constant at 7% in its August 4th 2022 meeting, in line with market expectations. The move marked the first time that the central bank held borrowing costs unchanged since the start of its 675bps gradual tightening path in June of 2021. The CNB’s Board also decided that the central bank will use its tools to avert the excessive volatility of the koruna, which touched two-year lows in the second week of July. Annual inflation in the Czech Republic accelerated to a 28-year high of 17.2 percent in June, pressured by surging prices of energy and food, while its Q2 GDP slowed to 0.2% on the quarter. Meanwhile, the central bank also held its discount rate and its Lombard rate steady at 6% and 8%, respectively.
2022-08-04