CZ’s Foreign Exchange Reserves rose to 169.40 billion CZK in October 2025, surpassing the previous 165.30 billion CZK and signaling continued expansion. This 4.10 billion CZK month-on-month increase reflects strengthened external liquidity and robust macroeconomic management. Looking ahead, the Czech National Bank is expected to maintain cautious monetary policy to support currency stability amid ongoing geopolitical risks. Updated 10/8/25
Foreign Exchange Reserves - CZ
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Listen to: Czech Republic Foreign Exchange Reserves
Foreign Exchange Reserves in CZ: October 2025 Update and Macro Implications
The Czech Republic’s foreign exchange reserves rose to 169.40 billion CZK in October 2025, marking a notable increase from 165.30 billion CZK in September. This report leverages the latest data from the Sigmanomics database to analyze the recent trends, compare historical readings, and assess the broader macroeconomic and financial implications for CZ. We explore geographic and temporal contexts, core macro indicators, monetary and fiscal policies, external risks, market sentiment, and structural trends shaping the outlook.
The Czech Republic’s foreign exchange reserves climbed by 4.10 billion CZK month-on-month (MoM) in October 2025, reaching 169.40 billion CZK. This represents a 15.60% increase year-on-year (YoY) from 146.40 billion CZK in January 2025. The steady accumulation of reserves reflects CZ’s ongoing efforts to bolster external buffers amid evolving global uncertainties.
Central bank interventions to stabilize the CZK exchange rate.
Moderate capital inflows from foreign direct investment (FDI).
Policy pulse
The Czech National Bank (CNB) continues to maintain a cautious monetary stance, balancing inflation control with exchange rate stability. The reserve build-up aligns with CNB’s strategy to mitigate external shocks and maintain confidence in the CZK amid global volatility.
Market lens
Immediate reaction: The CZK appreciated modestly against the EUR and USD following the release, reflecting market confidence in the country’s external position. Short-term yields on CZ government bonds edged lower, signaling reduced risk premia.
Foreign exchange reserves are a critical macroeconomic indicator reflecting a country’s ability to manage currency stability, external debt, and liquidity. CZ’s reserves have shown a consistent upward trajectory since early 2025, rising from 146.40 billion CZK in January to 169.40 billion CZK in October. This 15.60% increase is notable compared to the 12-month average of 156.30 billion CZK.
Monetary policy & financial conditions
The CNB’s monetary policy has been characterized by gradual interest rate adjustments, with the key policy rate hovering around 3.75%. The central bank’s reserve accumulation supports its capacity to intervene in forex markets, dampening excessive CZK volatility and anchoring inflation expectations near the 2% target.
Fiscal policy & government budget
Fiscal discipline remains a priority, with the government maintaining a moderate budget deficit of approximately 2.50% of GDP. This prudent fiscal stance complements the reserve build-up by limiting external borrowing needs and supporting sovereign creditworthiness.
External shocks & geopolitical risks
Heightened geopolitical tensions in Eastern Europe and global supply chain disruptions have increased the importance of robust reserves. CZ’s reserve growth provides a buffer against potential capital flight or trade shocks, enhancing resilience amid uncertain external conditions.
Comparing the October 2025 reading of 169.40 billion CZK to September’s 165.30 billion CZK and the 12-month average of 156.30 billion CZK reveals a strong upward trend. The 4.10 billion CZK MoM increase is the largest monthly gain since April 2025, when reserves rose by 3.80 billion CZK. Year-over-year, reserves have expanded by 23 billion CZK, underscoring sustained accumulation.
This growth reflects a combination of export surpluses, capital inflows, and central bank forex interventions. The chart below illustrates the steady monthly increases since January 2025, with minor seasonal fluctuations.
The reserve trajectory suggests CZ is actively strengthening its external liquidity position. The pace of accumulation accelerated in Q3 2025, coinciding with improved trade balances and stable capital markets.
What This Chart Tells Us: Foreign exchange reserves in CZ are trending upward, reversing a mild mid-2024 stagnation. This signals enhanced external resilience and greater policy flexibility amid global uncertainties.
Market lens
Immediate reaction: The CZK/USD and CZK/EUR pairs showed modest appreciation within the first hour post-release, with the CZK/USD strengthening by 0.30%. Two-year government bond yields declined by 5 basis points, reflecting improved market sentiment and reduced currency risk.
Looking ahead, CZ’s foreign exchange reserves are poised to continue their upward trend, supported by stable export growth and cautious monetary policy. However, risks remain from potential external shocks and geopolitical tensions.
Bullish scenario (30% probability)
Continued export strength and FDI inflows push reserves beyond 180 billion CZK by year-end.
Stable global conditions reduce volatility, allowing CNB to build reserves without aggressive interventions.
Base scenario (50% probability)
Moderate reserve growth to approximately 172–175 billion CZK by December 2025.
Monetary policy remains steady, with CNB balancing inflation and exchange rate goals.
Bearish scenario (20% probability)
Geopolitical shocks or capital outflows slow reserve accumulation or cause temporary declines.
CNB may need to deploy reserves to defend the CZK, limiting net growth.
Overall, the reserve build-up enhances CZ’s external stability and policy options. The CNB’s ability to maintain inflation near target while managing exchange rate pressures will be critical in the coming months.
The October 2025 foreign exchange reserves report for CZ highlights a robust external position, with reserves reaching 169.40 billion CZK. This marks a significant improvement over the past year and reflects effective macroeconomic management amid global uncertainties. The CNB’s strategic reserve accumulation supports currency stability and inflation targeting, while fiscal prudence complements external resilience.
Risks from geopolitical tensions and global market volatility remain, but CZ’s growing reserves provide a valuable buffer. Market reactions suggest confidence in the country’s external fundamentals. Going forward, maintaining this trajectory will require careful policy calibration and vigilance against external shocks.
In sum, CZ’s foreign exchange reserves are a key strength in 2025, underpinning macroeconomic stability and investor confidence.
Key Markets Likely to React to Foreign Exchange Reserves
The foreign exchange reserves data for CZ typically influences currency pairs, government bonds, and equity markets sensitive to external liquidity and macro stability. Key tradable symbols to watch include:
EURCZK – The primary currency pair reflecting CZK strength versus the euro, sensitive to reserve changes.
CEZ – A major Czech utility stock, often influenced by macroeconomic stability and currency fluctuations.
USDCZK – Tracks CZK performance against the US dollar, reacting to reserve and monetary policy shifts.
BTCUSD – Bitcoin’s price can reflect risk sentiment shifts triggered by macroeconomic data.
PKN – A Polish energy stock correlated with regional economic conditions affecting CZ.
Insight: Foreign Exchange Reserves vs. EURCZK Since 2020
Since 2020, CZ’s foreign exchange reserves and the EURCZK exchange rate have shown a strong inverse correlation. Periods of reserve accumulation typically coincide with CZK appreciation against the euro. For example, the 15.60% reserve increase in 2025 aligns with a 3.20% strengthening of CZK versus EUR year-to-date, underscoring reserves’ role in currency stability.
FAQ
What is the significance of CZ’s foreign exchange reserves?
Foreign exchange reserves provide liquidity to manage currency stability, external debt, and economic shocks, crucial for CZ’s macroeconomic health.
How do foreign exchange reserves affect CZ’s monetary policy?
Reserves enable the CNB to intervene in forex markets, supporting the CZK and helping maintain inflation targets amid external volatility.
What risks could impact CZ’s foreign exchange reserves?
Geopolitical tensions, capital outflows, and global market shocks could reduce reserves or force central bank interventions.
Takeaway: CZ’s rising foreign exchange reserves strengthen its external resilience, supporting stable monetary policy and currency confidence amid global uncertainties.
This has been drafted with AI assistance and then thoroughly reviewed, refined, and approved by our human editorial team to ensure accuracy, and originality.
Economic Calendar - CZ Events
Monday, December 30, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
09:00
CZ
M3 Money Supply YoY
-
5.7
5.5
5.58
Low
Monday, December 23, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
08:00
CZ
Consumer Confidence
100.4
101.6
102
102.62
Low
08:00
CZ
Business Confidence
96.9
97.3
98
97.90
Low
Friday, December 20, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
09:00
CZ
External Debt
201.56
195.72
197
199.29
Low
Thursday, December 19, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
13:30
CZ
CNB Interest Rate Decision
4
4
4
4.00
Low
Monday, December 16, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
08:00
CZ
PPI MoM
0.4
0.1
0.2
0.27
Low
08:00
CZ
PPI YoY
1.7
0.8
1.5
1.50
Low
Friday, December 13, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
09:00
CZ
Current Account
12.99
-7.68
7
8.65
Low
Tuesday, December 10, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
08:00
CZ
Inflation Rate MoM
0.1
0.3
0.2
0.18
Low
08:00
CZ
Inflation Rate YoY
2.8
2.8
3
3.00
Low
Monday, December 9, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
09:00
CZ
Foreign Exchange Reserves
148.3
149.4
150
149.38
Low
08:00
CZ
Construction Output YoY
-3.6
-7.1
-7.3
-6.48
Low
08:00
CZ
Unemployment Rate
3.9
3.8
3.8
3.83
Low
08:00
CZ
Balance of Trade
11
22.6
17
18.90
Low
08:00
CZ
Industrial Production YoY
-2.1
1.6
-1
-0.87
Low
08:00
CZ
Industrial Production MoM
-0.7
-0.5
2.2
1.70
Low
Friday, December 6, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
08:00
CZ
Retail Sales YoY
5.5
4.8
4.9
5.20
Low
08:00
CZ
Retail Sales MoM
0.6
-0.1
-0.2
0.02
Low
Wednesday, December 4, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
08:00
CZ
Real Wages YoY
4.6
3.9
4.3
4.40
Low
Monday, December 2, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
08:30
CZ
S&P Global Manufacturing PMI
-
47.2
46.7
47.35
Low
08:00
CZ
GDP Growth Rate YoY
-
0.6
1.5
1.48
Low
Friday, November 29, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
09:00
CZ
M3 Money Supply YoY
5.7
5.5
5.4
5.48
Low
08:00
CZ
GDP Growth Rate QoQ
0.4
0.4
0.3
0.32
Low
08:00
CZ
GDP Growth Rate YoY
1.3
0.6
1.3
1.28
Low
Monday, November 25, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
08:00
CZ
Business Confidence
97.3
96
95.8
95.70
Low
08:00
CZ
Consumer Confidence
101.6
100.7
99
99.62
Low
Monday, November 18, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
08:00
CZ
PPI YoY
0.8
0.6
0.9
0.90
Low
08:00
CZ
PPI MoM
0.1
-0.2
-0.1
-0.03
Low
Wednesday, November 13, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
09:00
CZ
Current Account
-8.7
18.54
11.1
12.75
Low
Monday, November 11, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
08:00
CZ
Inflation Rate MoM
0.3
-0.4
0.4
0.38
Low
08:00
CZ
Inflation Rate YoY
2.8
2.6
2.8
2.80
Low
Friday, November 8, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
08:00
CZ
Unemployment Rate
3.8
3.9
3.8
3.83
Low
Thursday, November 7, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
13:30
CZ
CNB Interest Rate Decision
4
4.25
4
4.00
Low
09:00
CZ
Foreign Exchange Reserves
149.4
154.6
156
155.38
Low
08:00
CZ
Retail Sales MoM
0.2
0.1
0.4
0.62
Low
08:00
CZ
Retail Sales YoY
5.6
5.3
5.5
5.80
Low
Wednesday, November 6, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
08:00
CZ
Balance of Trade
21.3
14.3
22.3
24.20
Low
08:00
CZ
Construction Output YoY
-7.1
0.4
-10.4
-9.58
Low
08:00
CZ
Industrial Production MoM
-1.1
1.8
0.5
0.00
Low
08:00
CZ
Industrial Production YoY
0.8
1.5
1.4
1.53
Low
Friday, November 1, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
08:30
CZ
S&P Global Manufacturing PMI
47.2
46
46.5
47.15
Low
Thursday, October 31, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
09:00
CZ
M3 Money Supply YoY
5.5
5.7
5.5
5.58
Low
Wednesday, October 30, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
08:00
CZ
GDP Growth Rate YoY
1.3
0.6
1.4
1.38
Low
08:00
CZ
GDP Growth Rate QoQ
0.3
0.4
0.4
0.42
Low
Thursday, October 24, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
07:00
CZ
Business Confidence
96
96.8
97
96.90
Low
07:00
CZ
Consumer Confidence
100.7
97.9
98
98.62
Low
Wednesday, October 16, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
07:00
CZ
PPI MoM
-0.2
-0.4
-0.2
-0.13
Low
07:00
CZ
PPI YoY
0.6
1.1
0.7
0.70
Low
Monday, October 14, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
08:00
CZ
Current Account
18.54
-13.74
-5.17
-3.52
Low
Thursday, October 10, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
07:00
CZ
Inflation Rate YoY
2.6
2.2
2.4
2.40
Low
07:00
CZ
Inflation Rate MoM
-0.4
0.3
-0.5
-0.52
Low
Wednesday, October 9, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
08:00
CZ
Foreign Exchange Reserves
154.6
152.8
150
149.38
Low
Tuesday, October 8, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
07:00
CZ
Unemployment Rate
3.9
3.8
3.8
3.83
Low
07:00
CZ
Retail Sales YoY
5.3
4.9
4.2
4.50
Low
07:00
CZ
Retail Sales MoM
0.1
0.7
-0.6
-0.38
Low
Monday, October 7, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
07:00
CZ
Construction Output YoY
0.4
2
2.5
3.32
Low
07:00
CZ
Industrial Production YoY
1.5
-1.9
-1
-0.87
Low
07:00
CZ
Balance of Trade
14.3
-4.1
-4.1
-2.20
Low
07:00
CZ
Industrial Production MoM
1.8
-0.8
0.3
-0.20
Low
Tuesday, October 1, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
07:30
CZ
S&P Global Manufacturing PMI
46
46.7
46
46.65
Low
07:00
CZ
GDP Growth Rate YoY
0.6
0.4
0.6
0.58
Low
07:00
CZ
GDP Growth Rate QoQ
0.4
0.4
0.3
0.32
Low
Monday, September 30, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
08:00
CZ
M3 Money Supply YoY
5.7
6
5.5
5.58
Low
Wednesday, September 25, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
12:30
CZ
CNB Interest Rate Decision
4.25
4.5
4.25
4.25
Low
Tuesday, September 24, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
07:00
CZ
Consumer Confidence
97.9
97.3
97
97.62
Low
07:00
CZ
Business Confidence
96.8
93
92.8
92.70
Low
Friday, September 20, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
08:00
CZ
External Debt
195.41
194.35
193
195.29
Low
Monday, September 16, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
07:00
CZ
PPI MoM
-0.4
0.6
0.2
0.27
Low
07:00
CZ
PPI YoY
1.1
1.7
1.7
1.70
Low
Friday, September 13, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
08:00
CZ
Current Account
-13.74
-26.54
-19.7
-18.05
Low
Tuesday, September 10, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
07:00
CZ
Inflation Rate MoM
0.3
0.7
0
-0.02
Low
07:00
CZ
Inflation Rate YoY
2.2
2.2
2
2.00
Low
Monday, September 9, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
08:00
CZ
Foreign Exchange Reserves
152.8
149.5
147.6
146.98
Low
07:00
CZ
Unemployment Rate
3.8
3.8
3.8
3.83
Low
Friday, September 6, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
07:00
CZ
Balance of Trade
-4.1
30.8
10
11.90
Low
07:00
CZ
Industrial Production MoM
-0.8
0.7
-0.4
-0.90
Low
07:00
CZ
Construction Output YoY
2
-9.4
-10.3
-9.48
Low
07:00
CZ
Industrial Production YoY
-1.9
-3.3
-1.7
-1.57
Low
Thursday, September 5, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
07:00
CZ
Retail Sales MoM
0.7
0.3
-0.2
0.02
Low
07:00
CZ
Retail Sales YoY
4.5
3.7
3.9
4.20
Low
Tuesday, September 3, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
07:00
CZ
Real Wages YoY
3.9
5
4.3
4.40
Low
Monday, September 2, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
07:30
CZ
S&P Global Manufacturing PMI
46.7
43.8
43.5
44.15
Low
Friday, August 30, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
08:00
CZ
M3 Money Supply YoY
6
5.3
5.1
5.18
Low
07:00
CZ
GDP Growth Rate QoQ
0.3
0.2
0.3
0.32
Low
07:00
CZ
GDP Growth Rate YoY
0.6
0.3
0.4
0.38
Low
Monday, August 26, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
07:00
CZ
Business Confidence
93
94.5
95
94.90
Low
07:00
CZ
Consumer Confidence
97.3
98.4
98.2
98.82
Low
Friday, August 16, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
07:00
CZ
PPI YoY
1.7
1
1.1
1.10
Low
07:00
CZ
PPI MoM
0.6
-0.3
-0.1
-0.03
Low
Tuesday, August 13, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
08:00
CZ
Current Account
-48.24
-14.67
-31
-29.35
Low
Monday, August 12, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
07:00
CZ
Inflation Rate YoY
2.2
2
2
2.00
Low
07:00
CZ
Inflation Rate MoM
0.7
-0.3
0.1
0.08
Low
Thursday, August 8, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
07:00
CZ
Unemployment Rate
3.8
3.6
3.8
3.83
Low
Tuesday, August 6, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
07:00
CZ
Industrial Production MoM
0.7
-2.2
0.5
0.00
Low
07:00
CZ
Industrial Production YoY
-3.4
-3.2
-2.9
-2.77
Low
07:00
CZ
Construction Output YoY
-10.2
-6.8
-2
-1.18
Low
07:00
CZ
Balance of Trade
29.3
11.9
15.8
17.70
Low
Monday, August 5, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
07:00
CZ
Retail Sales MoM
0.7
-0.5
0.2
0.42
Low
07:00
CZ
Retail Sales YoY
4.4
3
4.1
4.40
Low
Thursday, August 1, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
12:30
CZ
CNB Interest Rate Decision
4.5
4.75
4.5
4.50
Low
07:30
CZ
S&P Global Manufacturing PMI
43.8
45.3
44.9
45.55
Low
Wednesday, July 31, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
08:00
CZ
M3 Money Supply YoY
5.3
5.7
5.5
5.58
Low
Tuesday, July 30, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
07:00
CZ
GDP Growth Rate QoQ
0.3
0.2
0.4
0.42
Low
07:00
CZ
GDP Growth Rate YoY
0.4
0.3
0.5
0.48
Low
Wednesday, July 24, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
07:00
CZ
Business Confidence
94.5
97.4
96.1
96.00
Low
07:00
CZ
Consumer Confidence
98.4
101
101.4
102.02
Low
Wednesday, July 17, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
07:00
CZ
PPI YoY
1
1
1.3
1.30
Low
07:00
CZ
PPI MoM
-0.3
-1.2
0
0.07
Low
Monday, July 15, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
08:00
CZ
Current Account
-14.67
27.95
-32
-30.35
Low
Wednesday, July 10, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
07:00
CZ
Inflation Rate YoY
2
2.6
2.5
2.50
Low
07:00
CZ
Inflation Rate MoM
-0.3
0
0.2
0.18
Low
Tuesday, July 9, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
08:10
CZ
Foreign Exchange Reserves
146.5
148
149
148.38
Low
07:00
CZ
Unemployment Rate
3.6
3.6
3.6
3.63
Low
Monday, July 8, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
07:00
CZ
Balance of Trade
13.6
32.9
27.4
29.30
Low
07:00
CZ
Construction Output YoY
-6.8
-0.2
0.3
1.12
Low
07:00
CZ
Industrial Production YoY
-3.2
-0.4
-0.6
-0.47
Low
07:00
CZ
Industrial Production MoM
-2.2
0.6
-0.8
-1.30
Low
Thursday, July 4, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
07:00
CZ
Retail Sales YoY
4.4
5.7
5.3
5.60
Low
07:00
CZ
Retail Sales MoM
-0.1
0
0.2
0.42
Low
Monday, July 1, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
07:30
CZ
S&P Global Manufacturing PMI
45.3
46.1
46.5
47.15
Low
Friday, June 28, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
07:00
CZ
GDP Growth Rate QoQ
0.2
0.3
0.3
0.32
Low
07:00
CZ
GDP Growth Rate YoY
0.3
0
0.2
0.18
Low
Thursday, June 27, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
12:30
CZ
CNB Interest Rate Decision
4.75
5.25
5
5.00
Low
Monday, June 24, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
07:00
CZ
Consumer Confidence
101
101.6
102.2
102.82
Low
07:00
CZ
Business Confidence
97.4
95.4
95.8
95.70
Low
Friday, June 21, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
08:00
CZ
External Debt
191.77
186.94
185
187.29
Low
Monday, June 17, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
07:00
CZ
PPI MoM
-1.2
0.2
-1
-0.93
Low
07:00
CZ
PPI YoY
1
1.4
1.1
1.10
Low
Thursday, June 13, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
08:00
CZ
Current Account
27.95
58.91
36.5
38.15
Low
Tuesday, June 11, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
07:00
CZ
Inflation Rate MoM
0
0.7
0.1
0.08
Low
07:00
CZ
Inflation Rate YoY
2.6
2.9
2.8
2.80
Low
Monday, June 10, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
07:00
CZ
Unemployment Rate
3.6
3.7
3.7
3.73
Low
Thursday, June 6, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
07:00
CZ
Industrial Production MoM
0.6
-1.6
0.1
-0.40
Low
07:00
CZ
Industrial Production YoY
-0.4
-2.9
0
0.13
Low
07:00
CZ
Balance of Trade
33.1
41.1
22.2
24.10
Low
07:00
CZ
Construction Output YoY
-0.3
-8.3
-1.5
-0.68
Low
Wednesday, June 5, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
07:00
CZ
Retail Sales MoM
-0.1
1.3
0.2
0.42
Low
07:00
CZ
Retail Sales YoY
5.3
5.8
5.5
5.80
Low
Tuesday, June 4, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
07:00
CZ
Real Wages YoY
4.8
-1.2
4.1
4.20
Low
Monday, June 3, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
07:30
CZ
S&P Global Manufacturing PMI
46.1
44.7
47
47.65
Low
Friday, May 31, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
08:00
CZ
M3 Money Supply YoY
6.1
6.8
7.4
7.48
Low
07:00
CZ
GDP Growth Rate YoY
0.2
0.2
0.4
0.38
Low
07:00
CZ
GDP Growth Rate QoQ
0.3
0.4
0.5
0.52
Low
Friday, May 24, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
07:00
CZ
Consumer Confidence
101.6
103.8
104
104.62
Low
07:00
CZ
Business Confidence
95.4
95.6
97.1
97.00
Low
Monday, May 20, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
07:00
CZ
PPI MoM
0.2
-0.1
-0.3
-0.23
Low
07:00
CZ
PPI YoY
1.4
0
0.5
0.50
Low
Tuesday, May 14, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
08:00
CZ
Current Account
64.39
39.15
20.5
22.15
Low
Monday, May 13, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
07:00
CZ
Inflation Rate YoY
2.9
2
2.6
2.60
Low
07:00
CZ
Inflation Rate MoM
0.7
0.1
0.4
0.38
Low
Friday, May 10, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
07:00
CZ
Unemployment Rate
3.7
3.9
3.7
3.73
Low
Thursday, May 9, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
07:00
CZ
Retail Sales MoM
1.3
-0.8
-0.3
-0.08
Low
07:00
CZ
Retail Sales YoY
6.1
2.5
2.7
3.00
Low
Tuesday, May 7, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
07:00
CZ
Industrial Production YoY
-2.7
0.7
-0.5
-0.37
Low
07:00
CZ
Construction Output YoY
-8.3
3.6
1.8
2.62
Low
07:00
CZ
Industrial Production MoM
-1.6
2.2
1.4
0.90
Low
07:00
CZ
Balance of Trade
39.3
36.5
18
19.90
Low
Thursday, May 2, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
07:30
CZ
S&P Global Manufacturing PMI
44.7
46.2
46.7
47.35
Low
Tuesday, April 30, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
08:00
CZ
M3 Money Supply YoY
7.6
8.9
7.9
7.98
Low
07:00
CZ
GDP Growth Rate YoY
0.4
0.2
0.3
0.28
Low
07:00
CZ
GDP Growth Rate QoQ
0.5
0.4
0.4
0.42
Low
Wednesday, April 24, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
07:00
CZ
Business Confidence
95.6
93
95
94.90
Low
07:00
CZ
Consumer Confidence
103.8
99.9
99.5
100.12
Low
Wednesday, April 17, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
07:00
CZ
PPI YoY
0
-0.9
-0.6
-0.60
Low
Friday, April 12, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
08:00
CZ
Current Account
39.15
6.85
8.6
10.25
Low
Wednesday, April 10, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
07:00
CZ
Inflation Rate MoM
0.1
0.3
0.1
0.08
Low
07:00
CZ
Inflation Rate YoY
2
2
1.9
1.90
Low
07:00
CZ
CPI
150.4
150.2
150.6
150.55
Low
Tuesday, April 9, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
08:00
CZ
Foreign Exchange Reserves
147.98
146
139
138.38
Low
07:00
CZ
Unemployment Rate
3.9
4
3.8
3.83
Low
Monday, April 8, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
07:00
CZ
Industrial Production YoY
0.7
-0.4
-0.3
-0.17
Low
07:00
CZ
Balance of Trade
34.6
3.7
8.9
10.80
Low
07:00
CZ
Construction Output YoY
3.6
-5.9
-3
-2.18
Low
07:00
CZ
Industrial Production MoM
1.9
-2.8
1.4
0.90
Low
Friday, April 5, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
07:00
CZ
Retail Sales YoY
1.6
3.2
2.3
2.60
Low
07:00
CZ
Retail Sales MoM
-0.8
1.3
-0.5
-0.28
Low
Tuesday, April 2, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
07:30
CZ
S&P Global Manufacturing PMI
46.2
44.3
44.8
45.45
Low
Thursday, March 28, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
08:00
CZ
GDP Growth Rate QoQ
0.4
-0.8
0.2
0.22
Low
08:00
CZ
GDP Growth Rate YoY
0.2
-0.6
-0.2
-0.22
Low
Monday, March 25, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
08:00
CZ
Consumer Confidence
99.9
94
91
91.62
Low
08:00
CZ
Business Confidence
93
89.9
99
98.90
Low
Friday, March 22, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
09:00
CZ
External Debt
186.94
183.02
188
190.29
Low
Wednesday, March 20, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
13:30
CZ
CNB Interest Rate Decision
5.75
6.25
5.75
5.75
Low
Monday, March 18, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
08:00
CZ
PPI MoM
0.5
2.5
0.3
0.37
Low
08:00
CZ
PPI YoY
-0.9
-1.8
-1.2
-1.20
Low
Friday, March 15, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
09:00
CZ
Current Account
6.85
-5.84
17.85
19.50
Low
08:00
CZ
Industrial Production YoY
0
-0.5
2
2.13
Low
08:00
CZ
Construction Output YoY
-5.9
-3.4
-7
-6.18
Low
08:00
CZ
Industrial Production MoM
-2.3
2.8
-1.9
-2.40
Low
Tuesday, March 12, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
08:00
CZ
Retail Sales MoM
1
0.1
-0.1
0.12
Low
08:00
CZ
Retail Sales YoY
2.4
1.2
0.3
0.60
Low
Monday, March 11, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
08:00
CZ
Inflation Rate MoM
0.3
1.5
0.4
0.38
Low
08:00
CZ
Inflation Rate YoY
2
2.3
2.2
2.20
Low
08:00
CZ
CPI
150.2
149.8
150.3
150.25
Low
Friday, March 8, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
08:00
CZ
Unemployment Rate
4
4
4
4.03
Low
08:00
CZ
Balance of Trade
3.7
5.3
12.2
14.10
Low
Thursday, March 7, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
09:00
CZ
Foreign Exchange Reserves
145
145.9
143
142.38
Low
Tuesday, March 5, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
08:00
CZ
Real Wages YoY
-1.2
-0.8
-1
-0.90
Low
Friday, March 1, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
08:30
CZ
S&P Global Manufacturing PMI
44.3
43
42.9
43.55
Low
08:00
CZ
GDP Growth Rate YoY
-0.2
-0.8
-0.2
-0.22
Low
08:00
CZ
GDP Growth Rate QoQ
0.2
-0.6
0.2
0.22
Low
Thursday, February 29, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
09:00
CZ
M3 Money Supply YoY
8.7
9.5
9
9.08
Low
Wednesday, February 28, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
08:00
CZ
PPI MoM
2.5
-0.5
2.2
2.27
Low
08:00
CZ
PPI YoY
-1.8
1.4
-1.8
-1.80
Low
Friday, February 23, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
08:00
CZ
Consumer Confidence
94
91.2
91
91.62
Low
08:00
CZ
Business Confidence
89.9
92.7
92.5
92.40
Low
Thursday, February 15, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
08:00
CZ
CPI
149.8
147.6
149.8
149.75
Low
08:00
CZ
Inflation Rate YoY
2.3
6.9
2.9
2.90
Low
08:00
CZ
Inflation Rate MoM
1.5
-0.4
2
1.98
Low
Tuesday, February 13, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
09:00
CZ
Current Account
13.24
43.52
6.5
8.15
Low
Thursday, February 8, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
13:30
CZ
CNB Interest Rate Decision
6.25
6.75
6.5
6.50
Low
08:00
CZ
Unemployment Rate
4
3.7
3.9
3.93
Low
Wednesday, February 7, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
09:00
CZ
Foreign Exchange Reserves
145.28
147.38
148
147.38
Low
08:00
CZ
Retail Sales MoM
0.2
0.7
0.4
0.62
Low
08:00
CZ
Retail Sales YoY
1.6
0.1
0.7
1.00
Low
Tuesday, February 6, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
08:00
CZ
Balance of Trade
3.5
29.4
7.9
9.80
Low
08:00
CZ
Industrial Production MoM
2.8
-1.4
-1.1
-1.60
Low
08:00
CZ
Industrial Production YoY
-0.7
-2.7
-3
-2.87
Low
08:00
CZ
Construction Output YoY
-4.6
-6.5
-4.5
-3.68
Low
Thursday, February 1, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
08:30
CZ
S&P Global Manufacturing PMI
43
41.8
42.9
43.55
Low
Wednesday, January 31, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
09:00
CZ
M3 Money Supply YoY
9.7
8.4
8.1
8.18
Low
Tuesday, January 30, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
08:00
CZ
GDP Growth Rate YoY
-0.2
-0.8
-0.2
-0.22
Low
08:00
CZ
GDP Growth Rate QoQ
0.2
-0.6
0.2
0.22
Low
Wednesday, January 24, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
08:00
CZ
Business Confidence
92.7
95.2
96.2
96.10
Low
08:00
CZ
Consumer Confidence
91.2
84.9
85.3
85.92
Low
Wednesday, January 17, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
08:00
CZ
PPI MoM
-0.5
-0.4
-0.2
-0.13
Low
08:00
CZ
PPI YoY
1.4
0.8
1.7
1.70
Low
Friday, January 12, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
09:00
CZ
Current Account
43.52
19.84
4
5.65
Low
08:00
CZ
Retail Sales YoY
0.9
-1.6
-2
-1.70
Low
08:00
CZ
Retail Sales MoM
1
0.4
1.4
1.62
Low
Thursday, January 11, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
08:00
CZ
CPI
147.6
148.2
147.1
147.05
Low
08:00
CZ
Inflation Rate MoM
-0.4
0.1
0
-0.02
Low
08:00
CZ
Inflation Rate YoY
6.9
7.3
7.3
7.30
Low
Tuesday, January 9, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
09:00
CZ
Foreign Exchange Reserves
147.37
142.51
140.2
139.58
Low
08:00
CZ
Unemployment Rate
3.7
3.5
3.7
3.73
Medium
Monday, January 8, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
08:00
CZ
Balance of Trade
30.8
14.7
10.1
12.00
Low
08:00
CZ
Construction Output YoY
-6.5
-0.9
0.5
1.32
Low
08:00
CZ
Industrial Production YoY
-2.7
1.9
-1.5
-1.37
Low
08:00
CZ
Industrial Production MoM
-1.4
2.8
1
0.50
Low
Friday, January 5, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
08:00
CZ
GDP Growth Rate YoY
-0.8
-0.4
-0.7
-0.72
Medium
08:00
CZ
GDP Growth Rate QoQ
-0.6
0.1
-0.5
-0.48
Medium
Tuesday, January 2, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
08:30
CZ
S&P Global Manufacturing PMI
41.8
43.2
43.5
44.15
Low
Symbol
Price
Analysis and Forecast
Foreign Exchange Reserves in CZ Rise to 169.40 Billion CZK October 2025 Foreign Exchange Reserves Show Strong Growth Foreign exchange reserves represent the stockpile of foreign currencies held by a country to support its currency stability and external obligations. In October 2025, CZ’s foreign exchange reserves increased to 169.40 billion CZK, up from 165.30 billion CZK in September. This 2.50% rise month-over-month highlights CZ’s ongoing efforts to strengthen its external liquidity amid global uncertainties. Year-over-year, reserves have grown by nearly 15.60%, reflecting robust export inflows and central bank interventions. According to a leading economist at Morgan Stanley, “CZ’s reserve accumulation signals confidence in its macroeconomic management and provides a buffer against external shocks.” The Czech National Bank’s cautious monetary stance and steady fiscal discipline continue to underpin this positive trend. Market reaction was favorable, with the CZK appreciating modestly against major currencies following the release. Overall, CZ’s foreign exchange reserves remain a key pillar of economic resilience as the country navigates a complex global environment.
Comparing the October 2025 reading of 169.40 billion CZK to September’s 165.30 billion CZK and the 12-month average of 156.30 billion CZK reveals a strong upward trend. The 4.10 billion CZK MoM increase is the largest monthly gain since April 2025, when reserves rose by 3.80 billion CZK. Year-over-year, reserves have expanded by 23 billion CZK, underscoring sustained accumulation.
This growth reflects a combination of export surpluses, capital inflows, and central bank forex interventions. The chart below illustrates the steady monthly increases since January 2025, with minor seasonal fluctuations.