Analýza hospodářského výsledku České národní banky

This bachelor’s thesis examines the economic result of the Czech National Bank over the period 2013—2023, during which the CNB faced extraordinary monetary policy measures—such as the introduction of the exchange rate commitment and major economic shocks, including the Covid-19 pandemic. The study analyzes how these events affected the CNB’s balance sheet and its financial performance. In the theoretical part, the role of a central bank and the main monetary policy instruments including foreign exchange interventions, are defined. The analytical part examines the development of foreign exchange reserves, the structure of assets and liabilities, and the profit and loss statement. Special attention is paid to the accumulated accounting loss, which was deepened by the record loss in 2022. The thesis also discusses the impact of this loss on monetary policy and on the credibility of the Czech National Bank, and explores possible solutions to address the situation.