Week 14

2026-14

30 March – 5 April 2026

1 articles · 1 digests

Previous week2026-16

Tuesday, 31 March 2026

[01 articles]

PREMIUMDIGEST·1 articles / 48h · 1 sector

EXECUTIVE SUMMARY

The CNB released its 2025 financial results: a record FX reserve return of CZK 253bn was not enough to offset the translation loss from a 15% koruna appreciation against the dollar, leaving the full-year accounting result in the red. The key takeaway for advisers is that the strong koruna significantly eroded returns on USD/EUR-denominated assets — a dynamic that remains relevant heading into 2026.

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ČNB (tiskové zprávy)·MACRO

BULLISH

CNB 2025: inflation on target, record FX reserve return of CZK 253bn, accounting loss due to koruna appreciation

—CNB's FX reserves reached CZK 3.6 trillion at end-2025, generating a record return of CZK 253bn (10.3% year-on-year appreciation).
—The CZK 73bn accounting loss was driven entirely by FX effects — a 15% koruna appreciation against the dollar produced a CZK 224bn currency loss; at a stable exchange rate, the result would have been a ~CZK 150bn profit.

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