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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: Developers: Tightening mortgage lending does not solve housing shortage. North Korea seeks new solutions to food shortage, breeds black swans for food. Ministry of Finance wants to raise the limit for mandatory VAT payment to two million CZK, asks Brussels. Analysts: Industry fell in September due to lack of parts for car production. Industrial producer prices rose by 13.5 percent in November, the most since the founding of the Czech Republic. IMF: El Salvador should not use the cryptocurrency bitcoin as legal tender. January inflation will almost certainly exceed seven percent, says Holub from the Czech National Bank. Rusnok: An increase in rates above five percent next year is extremely unlikely. The Czech and Slovak economies have been hit this year by problems with car manufacturers. Inflation rose significantly in October to 5.8 percent and will continue to rise. Businesses: Czech economic growth to reach four percent in 2022. Millions of families in Britain face economic difficulties, warns research institute. Czech National Bank foreign exchange reserves rose to 150.5 billion euros in November. Last week, CNB board members Michl and Dědek voted again in favor of keeping rates unchanged. The koruna strengthened below 25.20 CZK/EUR, making it the strongest since the end of February 2020. Analysts: Wages will continue to grow, but high inflation will devalue them. The inflation rate in the US rose to 6.8 percent, the highest in almost 40 years.

Stock exchanges: Gas continues to become significantly cheaper, the price for the European market has fallen below 100 euros per MWh. WPIC: The platinum market will show the highest surplus in several years this year. Analysts: Stocks appreciated the most this year, bonds and gold lost. For Škoda Auto, shortages in magnesium supplies would mean significant restrictions.

Finance: Analysts: The increase in the CNB base rate will quickly be reflected in the increase in the price of loans. Survey: 59 percent of Czechs will not be frugal at Christmas due to the financial situation. Banks: Tightening of mortgage conditions will not have a significant impact. The British central bank did not raise interest rates, but the pound weakened significantly. The Polish central bank increased the main interest rate to 1.75 percent due to inflation. The price of gold fell by 7.5 percent this year, silver and platinum became even cheaper. Deutsche Bank analyst: Real yields will probably remain negative for a long time. Shares of Indian Paytm fell by more than a fifth during their debut on the stock exchange. The Czech National Bank will publish stress tests of banks with possible impacts of climate change next year. Equity funds earned over 11 percent this year, bond funds lost 5.3 percent. Experts: The tightening of mortgage lending is not surprising, banks are already complying. The Hungarian Central Bank raised the base interest rate to 2.1 percent. The South Korean Central Bank raised the interest rate for the second time this year. The Fed is starting to limit support for the economy, will reduce bond purchases. Analysts: The increase in the CNB's base rate will quickly be reflected in the rise in the cost of loans. Komerční banka's profit increased by 40.7 percent in three quarters to CZK 8.6 billion. The Hungarian Central Bank raised the base interest rate to a seven-year high of 2.4 percent. The ECB will end its emergency pandemic bond purchase program at the end of March. CNB: Banks provided mortgages worth CZK 301 billion this year, up 76 percent year-on-year. Association: The popularity of savings increased in the 4th quarter of the year after the previous decline. The Fed intends to raise rates three times next year and end bond purchases in March. The Russian Central Bank increased the base interest rate to 8.5 percent. Banks provided mortgages worth CZK 40.4 billion in October, slightly more than in September. The CNB tightened the limits for providing mortgages from April 2022.