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ZLATOVNA ECONOMIC NEWS
A quick look at what's new in the world of economic policy, finance and precious metals.

Economy: IMF: Czech economy to shrink by 0.5 percent this year, grow by 2 percent in 2024. OECD expects a slight recession in the Czech Republic this year, recommends budget consolidation. The Czech National Bank has fined Fio banka one million crowns for reporting errors. The Slovak Central Bank has worsened the GDP growth outlook, expects higher inflation. HN: Monetary policy analysis expert Dana Hájková is leaving the Czech National Bank. The state budget ended in a record deficit of 166.2 billion crowns in March. Bloomberg: Onion shortage opens a new chapter in the global food crisis. According to a survey, the growth of business activity in the eurozone unexpectedly accelerated in March. Nervousness in the Czech financial sector was unnecessary, says CNB Vice Governor Frait. The situation of European banks is stable, EU leaders agree after the summit. The richest Czechs expect only a gradual decline in inflation this year. Explosia Pardubice achieved a record pre-tax profit of CZK 198 million last year. The Syrian president has replaced several ministers, prices are rising sharply in the country. Inflation in Turkey continues to fall, falling to 50.5 percent in March. The new members of the CNB bank board were in favor of rate stability in March. The Ministry of Finance sold bonds for CZK 12 billion as planned. Australia was the first in the developed world to pause interest rate increases. Czech national debt increased to a record CZK 2.997 trillion in the 1st quarter. The World Bank presented a reform plan, wants to increase the volume of loans. Inflation slowed to 15 percent in March, analysts and the CNB expect a further decline.

Stock exchanges: Milevský heat pump manufacturer Acond completes hall for half a billion CZK. Global demand for silver increased by 18 percent last year to a new record. The Mangan Chvaletice company begins testing a verification unit for manganese production. The price of gold exceeded 2,000 USD per ounce and rose the most since March 2022. Milada and Radek Bláh created a bouquet with 118 flowers made of pure gold.

Finance: First Citizens Bank will take over deposits and loans from the bankrupt Silicon Valley Bank. Moody's has worsened the outlook for the rating of the betting company Allwyn due to higher debt. Bank of America increased profit in the quarter, while Goldman Sachs earned less. German authorities have fined Wirecard's auditor half a million euros. The White House is calling for stricter rules for regional banks after the banking sector turmoil. European stocks are falling significantly, Deutsche Bank is losing over ten percent. The range of institutions for which the Czech National Bank sets capital requirements is likely to expand. American banks JPMorgan, Wells Fargo and Citi have higher profits thanks to higher interest rates. Association: Banks are closing bank accounts of companies dealing in cryptocurrencies. The administrator of Sberbank CZ sold all of the bank's corporate bonds for CZK 718 million. The Swiss parliament did not approve government aid to Credit Suisse. The head of the Saudi SNB bank resigned after a failed investment in Credit Suisse. Bank of America increased its profit in the quarter thanks to rising interest rates. Index: Most mutual funds made a profit for investors in March. Former British finance minister Nigel Lawson has died at the age of 91. Analysis: The average yield on corporate bonds in the Czech Republic rose to 8.28 percent in March. Russia's Sberbank reported a profit of 350.2 billion rubles in the first quarter. Česká spořitelna completed the purchase of Sberbank CZ loans, paid 41.05 billion CZK. Hartenberg from Babiš's trust funds bought the Tábor textile company, holds 70 percent. Richard Podpiera will be the CEO of Patria Finance from May.