Interest rates on new loans
4.1
%
Non-financial corporations (total)
5.7
%
Households (incl. others)
Interest rates on new loans
%
Comments
Tighter monetary conditions left the CNB's options open. The CNB's new forecast paves the way for more cautious communication in the rest of the year
Comment by Jaromír Šindel, Chief Economist of the CBA: The CNB is waiting for a new impulse. The CNB is waiting for the new government to announce its plans, both from the data and from future analysis of the new government's upcoming plans. The CNB's own outlook, with more moderate consumer price growth at the end of the year and a stronger economy in real terms in Q3, opens up the possibility of more hawkish communication in the rest of the year. But I believe the CNB will wait to reassess its communication until the contours of the new government's policy are clearer.
Banking statistics for August 2025
Commentary by Miroslav Zámečník, Chief Advisor of the Czech Banking Association
The CNB surprised with a less hawkish tone in keeping the interest rate at 3.5%
Comment by Jaromír Šindel, Chief Economist at the CBA: While the CNB unsurprisingly left interest rates unchanged with the two-week repo rate at 3.5%, the Board's statement on the monetary policy settings, however, was more surprising in its less hawkish tone, leaving open all possibilities for future monetary policy settings.
September CNB interest rate decision: hawkish calm before the storm?
Commentary by Jaromír Šindel, Chief Economist of the CBA: Higher-than-expected wage growth will be the main, but not the only, reason for keeping the interest rate at 3.5% at the CNB's September meeting and for the intensification of the hawkish tone in the communication. The latter may indeed indicate a further upward movement in the interest rate, but rather in an unspecified distant horizon. A stronger koruna or tighter monetary policy through the longer end of the yield curve is unlikely to lead the CNB to a dovish mindset.
The CNB did not surprise with its decision to keep the 3.5% rate, nor with its hawkish commentary
Economic commentary by Jaromir Šindel, Chief Economist of the CBA
Banking statistics for March 2025
Commentary by Miroslav Zámečník, Chief Advisor of the Czech Banking Association