Central Bank Independence in Transition Economies

4. Czech Republic

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The Czech National Bank (CNB) was established in January 1993, as the 

successor of the State Bank of Czechoslovakia in the Czech Republic. The law on the 

Czech National Bank was passed by the Parliament in December 1992. 

4A. Governing Bodies and Financial Management 

The Bank is headed by the Board which consists of the Governor, two Vice-

Governors and four other senior officers of the Bank. The Governor and the Vice-

Governors are appointed by the President of the Republic. Other members are 

appointed by the President from the senior officers of the Bank. All Board members 

are appointed for six years term and can be dismissed in case of crime, disability or 

upon own request. The Board member may not be a member of the Parliament, may 

not hold any position in the Government and may not hold certain positions in 

commercial banks and other companies (Art. 6). The Bank Board approves the Bank 

budget and specifies the salary of the Governor (Art. 5). 

 

                                              

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 Source: Act on the Czech National Bank (Act No 6/1993 of the Czech National Council) 

Other sources: Handbook of Central Banks in Central and Eastern Europe, BIS  1995.  

 

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