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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: Stredula: The threat of stagflation, high inflation and low growth, has increased even more. The Russian Central Bank has cut the base interest rate and indicated a further reduction. The state budget deficit rose to CZK 59.1 billion at the end of March. Analysts: Up to tens of percent of applicants will not get a mortgage after the tightening of conditions. The war has not yet had an impact on unemployment and industry, but uncertainty dominates the market. The koruna has strengthened by about 10 percent in the five years since the end of the CNB's interventions. The CNB Council has increased the base interest rate to five percent, the highest since 2001. The US and its allies are also targeting Russian supply chains, said a member of the US government. According to Buffett, the best protection against inflation is to be exceptionally good at something. Analyst: The market expects the CNB rate to increase to five percent, the koruna's reaction will not be drastic. The Hungarian central bank surprisingly increased the base interest rate to 4.40 percent. GfK: Consumer sentiment in Germany is deteriorating due to the war in Ukraine. The CNB imposed a fine of CZK 2.5 million on the credit company Acema Credit Czech. IMF: The food crisis in sub-Saharan Africa may lead to social unrest. ZEW: Investor confidence in the German economy has decreased less than expected. Rusnok: The CNB Board is ready to continue raising rates, the priority is price stability. Moravian-Silesian companies: The rate increase may affect subcontractors. Bloomberg: Half of the 20 richest Russians do not face sanctions, four of the top five. S&P improved Greece's rating, the country is one notch away from the investment band. According to economists, Michl's appointment as CNB governor may indicate more significant changes. Export growth from China slowed sharply in April due to covid-19. Chamber: Almost half of Czech companies will curb their investments this year. ECB warns cryptocurrency companies against circumventing anti-Russian sanctions. ECB confirms plans to end asset purchases in the third quarter. China will reduce the requirement for mandatory minimum reserves for banks to support growth. Britain has imposed sanctions on representatives of the Russian army, including the commander from Buč. Bag-making in wartime sews bulletproof vests instead of bags and belts. Business sentiment in Germany has stabilized after the March slump. Survey: Almost three-quarters of companies will feel the negative impact of the war in Ukraine. The British central bank has raised the base interest rate, and the economy is expected to decline next year. Inflation in Turkey exceeded 60 percent in March, the highest in 20 years. The Sri Lankan stock exchange will remain closed next week.

Stock exchanges: The price of gold rose to a monthly high of close to $2,000 per ounce. The coronavirus has deprived glass and jewelry manufacturers in Jablonec of half of their sales. Demand for silver rose last year to the highest level since 2015 and will continue to grow this year.

Finance: Former CNB Governor Tůma became a member of the Association of World Central Bankers. Raiffeisenbank announced that it is the first bank in the Czech Republic to accept Ukrainian hryvnias. Expert: Regulation of crowdfunding will increase interest in it by tens of percent. Mastercard and Nexo will jointly issue the first payment card backed by cryptocurrencies. Biden proposed to increase defense spending, also requesting almost 700 million USD for Ukraine. Analysts: Gold rose by six percent this year, silver by seven percent. Citizens' deposits in banks fell by 26 billion CZK month-on-month in March. Index: The average Czech investor in funds lost almost five percent this year. Sberbank CZ assured clients that the loan repayment schedule is still valid. Port survey: 47 percent of Czechs can save no more than 2,000 CZK per month.