ČNB two-week repo rate (2T repo sazba)
The ČNB two-week repo rate is 3.75 % (since 19 June 2026); it is the Czech National Bank's main interest rate. It is the rate at which the ČNB absorbs surplus liquidity from banks for two weeks, set by the Bank Board under Act No. 6/1993 Coll. Mortgages feel it only indirectly, through PRIBOR and interest rate swaps, from which banks derive the price of fixed-rate periods.
Example
On 19 June 2026 the Bank Board raised the repo rate from 3.50 % to 3.75 %. By August 2026 the average rate on new mortgages (ČBA Hypomonitor) had climbed to 5.00 %. On a CZK 4,000,000 loan over 25 years that means a payment of CZK 23,384, against CZK 22,075 at the March 2026 rate of 4.43 %. Swap rates for longer periods, though, move mortgage prices more than the repo rate does. Every change since December 2021 is listed in our ČNB repo rate history.
In practice
The Bank Board meets next on 5 November and 17 December 2026, and a further hike to 4 % is possible but not certain. The repo rate reaches mortgages indirectly, through PRIBOR and swap rates: fixed-rate periods (fixace) of 3–10 years follow long-term swaps more closely than the ČNB decision itself, so banks often reprice before the ČNB moves. As a rule of thumb, each 0.25 pp on a CZK 4,000,000 loan over 25 years costs about CZK 575–600 a month. Waiting to sign in the hope of a “repo cut” rarely pays, because the market builds an expected cut into fixed rates in advance.
How the rate has moved since 2022:
- 2022: four hikes, from 3.75 % to 7.00 % on 23 June 2022, the peak;
- 22 December 2023: the first cut, to 6.75 %;
- 2024: seven cuts, down to 4.00 % on 8 November 2024;
- 2025: 3.75 % from 7 February and 3.50 % from 9 May, the low;
- 19 June 2026: raised to 3.75 %.
How it differs
The repo rate applies only between the ČNB and commercial banks. PRIBOR is what banks charge each other, while the mortgage interest rate is the client's price, which also carries the cost of funding for the whole fixed period, a risk premium and the bank's margin.
Frequently asked questions
What is the current ČNB repo rate?
3.75 % since 19 June 2026, when the ČNB Bank Board raised it from 3.50 %. The Board held it at that level in August and September 2026.
How does the repo rate affect my mortgage?
Only indirectly. Banks price fixed mortgage rates mainly from swap rates and PRIBOR, which react to expected ČNB moves in advance; a 0.25 pp rise on a CZK 4,000,000 loan over 25 years adds roughly CZK 575–600 a month.
When does the ČNB decide on rates next?
The Bank Board meets on 5 November and 17 December 2026. A further hike to 4 % is possible but not certain.
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