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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: El Salvador is the first country to adopt bitcoin as a national currency. The French central bank has raised this year's economic growth outlook. Rusnok: The latest inflation data do not mean a change for the Czech National Bank's monetary policy. Industrial producer prices rose the most in about 17 years in July. The Nobel Prize in Economics is awarded to David Card, Joshua Angrist and Guido Imbens. According to Rusnok, Schillerová's statement regarding the increase in CNB rates is incompetent. According to economists, inflation will exceed five percent by the end of the year and the CNB will further increase rates. Mikov achieved the withdrawal of a fake copy of the fish knife from two manufacturers. Year-on-year inflation in July was the highest in a year, exceeding market and CNB expectations. Year-on-year inflation was rather stagnant in August, according to estimates. IMF: Introducing cryptocurrencies as legal tender is unreasonable and risky. Consumer prices rose by 3.4 percent year-on-year in July, the most in a year. The Exporters' Association warned against artificial appreciation of the koruna. The state collected CZK 15 billion more in taxes at the end of September this year than a year ago. Analysts: July inflation supports the scenario of further CNB rate hikes. Consumer confidence in the US fell to a seven-month low in September.

Stock exchanges: The price of gold fell below $1,700 per troy ounce, later erasing some of its losses. After three weeks of strike, the world's largest copper miner reached an agreement with unions. Carmakers' problems with chips are reducing the prices of platinum group metals. Bloomberg: The world is at risk of another price shock, silicon has risen by 300 percent. The price of aluminum has risen to $3,000 per ton for the first time in 13 years. Duchcov producer of semi-finished metal products faces shortage of material.

Finance: The investment wine market is at its peak, prices have increased by 5.5 percent on average. European Commissioner Gentiloni warned against tightening monetary policy too soon. Gold has fallen in price by almost a tenth this year, oil, gas and coal have risen significantly. Sales of gold and silver in the Czech Republic are growing significantly, at Golden Gate they increased by 22 percent. The Russian Central Bank has raised interest rates for the fifth time this year. The share of foreign investors with Czech bonds has increased in the first half of the year. Index: The average Czech investor in funds earned 5.43 percent this year. The Ministry of Finance today sold bonds in euros with a negative yield amid high interest. Equity funds have earned over 13 percent this year, while bond funds have lost 0.6 percent. The British central bank has not changed interest rates, but inflation is expected to rise. The Polish central bank surprisingly raised the base interest rate to half a percent. The volume of housing loans fell in July, but it is still the third strongest month. G7 leaders have approved principles for central bank digital currencies. Analysts: Bank savings accounts are now depreciating by three percent per year. Reuters: China's Evergrande missed the deadline for paying interest on bonds. South Korea's central bank has raised interest rates. Banking Association: 11 percent of Czechs are in risky debt this year. The Czech National Bank has no objections to ČSOB's intention to pay a dividend of CZK 4.1 billion this year. Survey: Due to the pandemic, each household lost an average of 17,000 crowns this year. Interest in bonds for citizens in the 12th issue was record high, the state launched a new issue. Evergrande will sell part of its stake in Shengjing Bank to the state asset manager. The bank for payment settlements will test the use of central bank digital currencies. According to the ECB Vice President, the eurozone economy is growing faster than expected.