Česká národní banka (hereinafter referred to as the ČNB) is the central bank of the Czech Republic and the body that supervises the financial market. It is established by the Constitution of the Czech Republic and carries out its activities in accordance with Act No. 6/1993 Coll. on the Czech National Bank, as amended, and other legislation.
ČNB is not an administrative authority
ČNB is a legal entity governed by public law with its headquarters in Prague and seven regional offices in Prague, Ústí nad Labem, Plzeň, České Budějovice, Hradec Králové, Brno and Ostrava. Its activities may be interfered with only on the basis of the law.
ČNB ensures price and financial stability and the safe functioning of the financial system in the Czech Republic.
Its main objective is to ensure price stability. Achieving and maintaining it is the central bank’s ongoing contribution to creating the conditions for sustainable economic growth.
It also takes care of the financial stability and safe functioning of the Czech financial system, supports the general economic policy of the government, determines monetary policy, issues banknotes and coins, and regulates money circulation, payment transactions and bank settlements. It supervises the banking sector, the insurance industry, the capital market, credit unions, pension insurance, electronic money institutions and money changers. It sets base interest rates, on which the interest rates on commercial loans are based.
The ČNB is also part of the European System of Central Banks and the European System of Financial Market Supervision, and cooperates with the European Systemic Risk Board. Its supreme governing body is the Bank Board, which consists of the ČNB Governor (Jiří Rusnok since 1 July 2016), two Deputy Governors and four other Board members.
Did you know that all members of the Bank Board are appointed by the President of the Republic for a maximum of two six-year terms?
Our tip for the end: Current Česká národní banka exchange rates can be found here.
