Czech central bank board member Karina Kubelkova spoke in an interview with daily Mlada Fronta Dnes, published on Friday:

  • said Czech inflation may drop near the central bank's 2% target already in January and be around it in the first half of 2024
  • said that to start cutting interest rates from the current 7.00% level, the bank would need to see that its forecast is materialising and new risks do not appear.
  • Risks of price growth remain, including from wages, "There is a whole lot in the area of uncertainties: the war in Ukraine, prices and accessibility of energy or projection of inflation expectations into wages,"
  • She said wage growth next year lower than 7.8% expected in the bank's current staff forecast would help in achieving and maintaining the inflation target.
Karina Kubelkova cnb 06 October 2023


The Czech National Bank is the central bank of the Czech Republic. It operates independently from the European Central Bank (ECB). The Czech Republicis a member of the European Union (EU) but has not adopted the euro as its official currency, which means it does not participate in the Eurosystem and the monetary policy decisions of the ECB. Instead, the Czech National Bank manages the monetary policy for the Czech koruna.

The Czech National Bank is a member of the European System of Central Banks (ESCB). ESCB comprises the European Central Bank (ECB) and the national central banks of all EU Member States.