Currencies

FX market is a global market with a very high liquidity and trade volumes. This global market is open 24/7 except for the weekends and a few selected public holidays. The interbank trades are done through electronic systems EBS and Thomson Reuters Dealing. FX market is decentralized, which means there is no central exchange and the trades are realized on the over-the-counter (OTC) basis. Komerční banka enables access to this market through dealing and KB eTrading electronic platform.

Current rates

The quotes are derived from the current rates on the interbank market. The bid-offer spread represents the spread for a typical client trade.

Exchange rates

Exchange rates list states the rates at which it is possible to buy or sell foreign currencies for Czech Crowns at any KB branch in cash (banknotes) or cashless transactions.

Related commentary and analysis

Ad-hoc reports: CNB stays on hold, while the decline in rates could be slower

2/3/2023 12:46 PM

The CNB interest rates did not change after yesterday’s meeting. According to the board, rates are already high enough for inflation to return to the 2% target. The governor said rates would either remain unchanged or rise at the next meeting. However, the board once again failed to listen to the CNB’s forecast recommendation to raise interest rates further. We therefore expect the base repo rate to remain stable at the current 7% until August and then fall to 5% by the end of this year. Compared to our forecast, yesterday’s meeting seems hawkish, as Governor Michl said the current market pricing of the CNB’s future rate cuts is overstated (the market is currently pricing in a cut of around 100bp by the end of the year). However, the CNB staff forecast for interest rates only differs slightly from ours, which is likely related to a different view of the extent of the depreciation of the koruna. The CNB intends to continue to defend the koruna against excessive fluctuations.

Autor: Martin Gürtler
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