Macroeconomic Forecast and Monetary Policy of the CNB

Tomáš Holub

CNB Board Member

JP Morgan CEEMEA Opportunities Conference - Czech Republic Roundtable

January 14, 2021

Macroeconomic Forecast and CNB's Policy

Decision

  • Current forecast published on November 5, 2020.
  • CNB's last policy decision meeting on December 17, 2020.
  • New forecast along with monetary policy meeting due on February 4, 2021.

Monetary Policy Decision

At its meetings on November 5, 2020 and December 17, 2020, the

CNB's Board unanimously kept interest rates unchanged.

The two-week repo rate thus remains at 0.25%, the discount rate at 0.05%, and the Lombard rate at 1%.

Consistent with the forecast is stability of market interest rates initially, followed by a gradual rise in rates in the course of 2021.

The Bank Board assessed the risks and uncertainties of the forecast in the context of the ongoing second wave of the pandemic as remaining very substantial.

Current Forecast - External Assumptions

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Disclaimer

Ceska Narodni Banka published this content on 14 January 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 January 2021 14:21:05 UTC