Our forecast is for an average CZK/EUR exchange rate of around 24.2 in 2026 and 24.1 in 2027, which contributes to easing imported inflationary pressures in the tradable segment. The solid outlook for the koruna reflects a persistently supportive interest rate differential and again a more constructive outlook for export activity.
Source of primary data
CNB, CBA
Note
"Actual" and "CBA forecast" represent the full-year average and "actual ytd" is the average for the year to date. \The dashed lines in the 'middle 25-75% forecast range' represent the middle half between the 25th and 75th percentile of all forecasts in the CBA consensus.