William Malcolm

CNB Reports Record CZK 91.7 Billion Profit For 2020

The Czech National Bank reported a record profit of 91.7 billion crowns last year. A year earlier, it had a profit of 57.9 billion crowns. Last year, the bank will use the profit to cover part of the accounting loss from previous years, the Bank Board decided today. The CNB announced in a press release. The CNB’s accumulated loss will thus fall to CZK 37.5 billion.

The loss arose in 2017 when the central bank reported a loss of over 249 billion crowns. The reason was the increase in foreign exchange reserves connected with the termination of foreign exchange interventions and the subsequent strengthening of the koruna’s exchange rate. The central bank ended foreign exchange interventions in April 2017 after 41 months.

In January, the bank announced that it reported a profit of CZK 91.9 billion last year. However, it was a preliminary result, which did not include all additional operations for 2020.