Č
ČNB (tiskové zprávy)
AI IMAGE
CNB 2025: inflation on target, record FX reserve return of CZK 253bn, accounting loss due to koruna appreciation
Record FX reserve returns and on-target inflation are strongly positive signals; the accounting loss is technical and FX-driven rather than structural — markets and advisors are likely to read it as neutral to positive.
ČN
ČNB (tiskové zprávy)
PRIMARY SOURCE · [003]
AI SUMMARY · Claude Sonnet 4.6
- 01CNB's FX reserves reached CZK 3.6 trillion at end-2025, generating a record return of CZK 253bn (10.3% year-on-year appreciation).
- 02The 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.
- 03Equities were the top-performing asset class within reserves (CZK 163bn return); their allocation is being gradually raised to a 30% target by 2029.
- 04Gold holdings grew to nearly 72 tonnes (target: 100 tonnes by 2028), generating a CZK 57bn gain in 2025.
- 05The cumulative historical loss declined from CZK 487bn (2022) to CZK 350bn (end-2025); interim profit as of 20 March 2026 stands at CZK 95bn.
- 06Interest paid to banks on deposits fell to CZK 100bn, reflecting lower rates and the decision to stop remunerating required reserves.
- 07Inflation has remained close to the 2% CNB target for over two years, marking the monetary policy strategy as successful.
VERIFIED BY SOURCES · 1·CONFIDENCE 93%
ADVISOR CONTEXT
Confirmed inflation stability at the 2% target and a structurally improved CNB balance sheet are relevant context for discussions on Czech interest rate trajectory and bond portfolios; the rising equity and gold share in CNB reserves signals a long-term shift in the central bank's risk appetite — useful background for client conversations on diversification.
Observations for informational use by licensed advisors. Not investment advice under MiFID II.
Sources
[01]