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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: Inflation rose significantly in October to 5.8 percent and will continue to rise. According to economists, inflation is still not at its peak, it will be as high as seven percent. ČEZ received almost 1.5 billion CZK from the state, which is interest in the dispute over the allowance tax. Last week, CNB board members Michl and Dědek voted again in favor of keeping rates unchanged. Industrial producer prices rose by 13.5 percent in November, the most since the founding of the Czech Republic. Fuel prices in the Olomouc region have risen again since last week. The Ministry of Finance wants to raise the limit for mandatory VAT payment to two million CZK, asks Brussels. The Czech and Slovak economies have been hit this year by problems with car manufacturers. Analysts: Industry fell in September due to a shortage of parts for car production. According to the CNB, Czech households' debts to banks exceeded two trillion crowns. The crown strengthened below 25.20 CZK/EUR, the strongest since the end of February 2020. Analysts: Wages will continue to grow, but high inflation will devalue them. IMF mission: Czech economy will grow by 2.6 percent this year, by 3.5 percent next year. January inflation will almost certainly exceed seven percent, says Holub from the CNB. JPMorgan: The crown and the ruble will perform better in inflation than other comparable currencies.

Stock exchanges: EU and US to begin negotiations on a global agreement on sustainable steel and aluminum. Metal processor Saker's sales increased to 2.374 billion crowns last year. WPIC: The platinum market will show the highest surplus in several years this year. For Škoda Auto, outages in magnesium supplies would mean significant restrictions.

Finance: Association: The popularity of savings increased in the 4th quarter of the year after the previous decline. Three-quarters of Czechs do not believe in investments, the elderly have the most knowledge. The Polish central bank has increased interest rates the most since 2000. The Volkswagen Group will invest around 159 billion euros in the next five years. Banks: Tightening conditions for providing mortgages will not have a significant impact. Banks will pay more into reserves to protect the credit market. Italian bank MPS wants to raise 2.5 billion euros from the sale of shares next year. Banks provided mortgages worth 40.4 billion CZK in October, slightly more than in September. Global Payments launches accepting cryptocurrencies through its payment terminals. Fincentrum: The volume of mortgages increased by 90 percent this year, last year was a record. Precious metals are getting cheaper this year, industrials have become more expensive by tens of percent. South Korea's central bank has raised interest rates for the second time this year. Deutsche Bank analyst: Real yields will probably remain negative for a long time. Survey: 70 percent of people study loan terms for at least an hour. Survey: 59 percent of Czechs will not be frugal at Christmas due to the financial situation. CNB: Banks provided mortgages for CZK 301 billion this year, 76 percent more year-on-year. CNB will publish bank stress tests with possible impacts of climate change next year. Turkey's central bank has cut interest rates again despite high inflation and a weak currency. The pandemic is increasing the share of the super-rich in global wealth. Moneta's net profit has increased by more than half to CZK 2.9 billion. Komerční banka's profit increased by 40.7 percent to CZK 8.6 billion in three quarters. Retailers report a sales increase of tens of percent before Christmas. Česká spořitelna earned a third more in the first three quarters than a year ago. J&T: Most dollar millionaires in the Czech Republic and Slovakia are now most worried about inflation. Lending index: People can give up to CZK 95,000 more for an annual loan of CZK 50,000. Trinity Bank created double the profit for the whole of 2020 in September.