The Czech Koruna (CZK) was a notable underperformer among CEE over the past year. Economists at Commerzbank analyze the EUR/CZK outlook.

Not expecting much rebound

The Czech Koruna will probably stabilise in coming months as inflation moderates by more than rates will be cut. 

But later in 2025, we forecast the CZK to depreciate, once again, on the back of a weaker Euro (EUR), and also on the back of stubborn wage and core inflation which could re-accelerate in the medium term