This paper is a case study of the Czech central bank's communication with the public following the bank's decision to devalue the Czech currency. The aim is to contribute to knowledge of how central banks discharge their obligations to be transparent in communicating controversial decisions and actions. It is argued that transparency cannot be considered an individual act of the bank, but a joint dialogical accomplishment, which includes, among others, media and the public. The analysis of the interactions shows that the concepts of “dialogical networks” and “practical historians” are useful tools for elucidating how controversies in media develop over time.