Czech National Bank


Czech National Bank
Czech National Bank
Česká národní banka (Czech)
Czech National Bank (ČNB) headquarters in Prague. View of the main entrance.
Czech National Bank (ČNB) headquarters in Prague. View of the main entrance.
Headquarters Prague, Czech Republic
Coordinates 50°05′13″N 14°25′42″E / 50.08694°N 14.42833°E / 50.08694; 14.42833
Established January 1993, after the dissolution of Czechoslovakia
Governor Miroslav Singer
Central bank of Czech Republic
Currency Czech koruna
ISO 4217 Code CZK
Website www.cnb.cz/en/
Preceded by Czechoslovak National Bank (ČSNB), 1919–1993
View of the rear Entrance of the Czech National Bank headquarters in Prague

The Czech National Bank (Czech: Česká národní banka, ČNB) is the central bank and financial market supervisor in the Czech Republic with its headquarters in Prague. The Bank's governor is Miroslav Singer. In accordance with its primary objective, the ČNB sets monetary policy, issues banknotes and coins and manages the circulation of currency, the payment system and settlement between banks. It also performs supervision of the banking sector, the capital market, the insurance industry, pension funds, credit unions and electronic money institutions, as well as foreign exchange supervision.

Contents

Mission

Primary objective of ČNB as stated in the Act on ČNB is price stability. Secondary objective is to support a sustainable economic growth. Currently in employs inflation targeting monetary transmission mechanism. The goal is to stabilize inflation around 3.0% per annum.

Board members

  • Miroslav Singer (Governor)
  • Mojmír Hampl (Vice-Governor)
  • Vladimír Tomšík (Vice-Governor)
  • Robert Holman
  • Kamil Janáček
  • Lubomír Lízal
  • Eva Zamrazilová

Monetary policy instruments

Banks can deposit excess liquidity overnight with ČNB at the discount rate and can borrow overnight funds at the lombard rate. Thus these two rates create a corridor for the short-term money market rates. Moreover ČNB conducts open market operations in the form of repurchase agreements (REPOs). The basic duration is 2 weeks. Currently ČNB is absorbing excess liquidity. The aim of these operations is to influence the short-term rates which subsequently affects the economic activity, flow of capital and inflation.

See also

External links

Coordinates: 50°05′13″N 14°25′42″E / 50.08694°N 14.42833°E / 50.08694; 14.42833



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