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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: Morawiecki: Poland proposes a complete ban on trade with Russia. BIS chief: The world may be on the threshold of a new inflationary era. The head of the budget council, Zamrazilová, is also a member of the pension reform group. IMF: The food crisis in sub-Saharan Africa may lead to social unrest. Morawiecki: Poland proposes a complete ban on trade with Russia. Bag-making in times of war sews bulletproof vests instead of bags and belts. The Venezuelan government should receive the Nobel Prize in Economics, said its leader Maduro. Portu analysis: Large banks are in no hurry to raise interest rates on savings accounts. Analysts: Higher rates will quickly make mortgages more expensive, deposit interest rates will rise later. ZEW: Investor confidence in the German economy fell less than expected. NYT: Sri Lankan economy hits rock bottom, president under pressure. State budget deficit rises to CZK 59.1 billion at end-March. Eurozone business activity growth was stronger than expected in March. Slovakia's central bank downgrades economic growth outlook. ECB confirms plans to end asset purchases in third quarter. Czech foreign debt rose by CZK 150.3 billion last year to CZK 4.47 trillion. Czech National Bank revokes Sberbank CZ's banking license. Chamber of Commerce: Almost half of Czech companies will curb their investments this year. Czech National Bank Council raises key interest rate to five percent, highest since 2001. Turkey's inflation exceeds 60 percent in March, highest in 20 years. China to reduce bank reserve requirements to boost growth. Australia's central bank raises interest rates for first time in over a decade. FAO: Russians spend twice as much on food as before invasion. The British central bank has raised its base rate, expecting an economic downturn next year. GfK: Consumer sentiment in Germany is deteriorating due to the war in Ukraine. Moravian-Silesian companies: Rate hikes may hit subcontractors. The US and allies are also targeting Russian supply chains, a member of the US government said. The Czech National Bank has issued a commemorative 100-crown banknote with a portrait of economist Engliš. Rusnok: The Czech National Bank Council is ready to continue raising rates, the priority is price stability. Older banknotes will expire at the end of June, and they will then be exchangeable. Bloomberg: Half of the 20 richest Russians do not face sanctions, four of the top five.

Stock exchanges: Coronavirus has deprived Jablonec glass and jewelry manufacturers of half of their sales. The price of gold has reached a monthly high of close to $2,000 per ounce. 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. Household deposits in banks fell by CZK 26 billion month-on-month in March. The IMF approved a new loan agreement with Argentina worth $44 billion. The number of Czechs who established a trust fund increased by 40 percent last year. The IFIS fund began buying up receivables from the Czech Sberbank. Analysis: The mortgage boom in the Czech Republic is ending this year, a third of applicants will not be able to get a loan. Expert: Regulation of crowdfunding will increase interest in it by tens of percent. Bloomberg: The EU is considering supporting Ukraine from the assets of sanctioned Russians. Experts: PPF is slowly leaving eastern markets a year after the death of founder Kellner. Port survey: 47 percent of Czechs can manage to put aside a maximum of CZK 2,000 per month. Index: The average Czech investor in funds lost almost five percent this year.