Czech National Bank reports Q1 international investment position deficit narrowed to CZK 764.4 billion as Amsterdam listing lifted cross border assets and liabilities

The Czech National Bank published the Czech Republic’s international investment position and external debt data for the first quarter of 2026. The international investment position deficit narrowed by CZK 72.1 billion quarter on quarter to CZK 764.4 billion, although it was up CZK 66.6 billion from a year earlier and stood at 8.8% of gross domestic product. Gross external debt reached CZK 5,837.5 billion, or 67.4% of gross domestic product, up CZK 154.6 billion in the quarter and CZK 549 billion year on year. Net external debt was minus CZK 577.7 billion, indicating that Czech residents remained in a net creditor position vis-a-vis the rest of the world. The Czech National Bank said the first-quarter figures were significantly affected by the January 2026 listing of a foreign subsidiary of a Czech resident on the Amsterdam stock exchange, which raised cross-border asset and liability stocks in foreign direct investment and portfolio investment. External assets increased by CZK 903.6 billion to CZK 11,340.4 billion, driven mainly by other sectors, where foreign direct investment assets rose, by banking sector assets and by residents’ purchases of foreign equities. External liabilities increased by CZK 831.5 billion to CZK 12,104.9 billion, led by a CZK 615.7 billion increase in direct investment liabilities linked to the same listing, while portfolio investment liabilities fell by CZK 44.5 billion as non-residents sold domestic short-term debt securities issued by Czech commercial banks. By sector, external debt growth was concentrated in banks and other sectors, while general government external debt declined slightly. Liabilities with original maturities longer than one year accounted for 49.5% of total external debt, and deposits from non-residents and intra-group loans together represented 55.4% of debt financing.