Intervence ČNB za účelem oslabení koruny – vliv na ekonomiku ČR v roce 2014 a 2015

In early November 2013 the Czech National Bank started to intervene in the foreign exchange market to weaken the Czech crown to prevent it from strengthening and thereby suppress the threat of deflation. The CNB used for recovery the exchange rate as an additional instrument of monetary policy. The primary objective is to evaluate the impact of foreign exchange interventions of the CNB from November 2013 on the main macroeconomic indicators of the Czech Republic in 2014 and partially in 2015. Another goal is then to confirm or refute the legitimacy of foreign exchange interventions in relation to the positive development of the economy. To fulfill the targets are used method of description, comparison, observation and analysis, including relational. Thesis is filled with description of monetary policy of the central bank and foreign experience with foreign exchange interventions with reference to Switzerland. The fundamental part is based on analysis of individual macroeconomic indicators before the interventions and after interventions. Specifically GDP, consumption, inflation, balance of payments, terms of trade, export and import. Based on this analysis I concluded that this step of CNB was not 100% legitimate and so far it contributed only partially to improve the Czech economy, especially through the GDP, consumption and inflation.