Trump, gold and investments in shares. Economists discussed at the CNB forum at UWB

The results of the CNB Bank Board's work, the development of the domestic economy in an environment of global uncertainty and foreign exchange reserves and the management of central banks were the topics of discussion among the Governor of the Czech National Bank, councillors and experts.

"The current uncertainty in the economic development means caution for me. Monetary policy may have to remain tighter than if the situation were not burdened by such a high level of risk and uncertainty," said Czech National Bank (CNB) economist and Deputy Governor Eva Zamrazilová at the Czech National Bank's Discussion Forum held on 29 April at the University of West Bohemia in Pilsen (UWB) in connection with the actions of US President Donald Trump.

It was the CNB Vice-Governor who spoke in the first panel of the Discussion Forum, followed by Jan Čadil from the Faculty of Economics of the University of West Bohemia and Miroslav Jandečka, an expert of the consulting company BDO. The main topic was how Donald Trump's actions, especially the introduction of high tariffs on imports to the USA, may affect the European and Czech economy.

Next, Lukáš Pfeifer from FEK UWB and Jaromír Šindel, Chief Economist of the Czech Banking Association, took the floor together with Board Member Jan Kubíček. They discussed with the students, for example, foreign exchange reserves and the role of gold in them, or central banks' investments in shares.

"When we decided two years ago to increase the amount of gold we held, the primary motivation was diversification. The aim was to have such a proportion of gold in the portfolio that the diversification effect would be felt," said CNB Board Member Jan Kubíček during the discussion, referring to the gold price, which is at an all-time high. The CNB held 56.2 tonnes of gold at the end of March, with a target of holding 100 tonnes in its vaults by 2028 - enough to bring the value of gold to around five per cent of the CNB's foreign exchange reserves.

Czech National Bank Governor Aleš Michl summarised the results of the Bank Board's work at the forum. In his speech he reminded why it is necessary to create a culture of openness and responsibility, to rid the institution of unnecessary bureaucracy or to use and implement ideas. "My goal is to make the CNB a place where you come to implement your ideas. Where you will be able to change things for the better," he told the students present. In this context, the Governor mentioned that the CNB is increasingly using modern technology and has also started pilot projects using artificial intelligence.

The rector of the University of West Bohemia in Pilsen, Miroslav Lávička, welcomed the fact that the CNB had organised the Discussion Forum at the University of West Bohemia. "This is the strength of such meetings," said the rector. “It is great that among the discussants were not only members of the Board, but also experts from our Faculty of Economics, which has earned a firm place in the Czech and international environment during its 35 years of existence,” he added.

The discussion forum was moderated by Michaela Nováková. Students and listeners could join the debate and ask questions directly to the speakers or via the Slido app. The full video recording of the event will be available on the CNB website after processing, and the photo gallery on the CNB Flickr.

CNB officials usually meet twice a year with students, economists, business representatives and other guests at the regular Discussion Forums for an open discussion of current economic topics.