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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: Analysts: July inflation supports the scenario of further CNB rate hikes. The European Central Bank has taken the first step towards launching a digital euro. Venezuela will remove six zeros from all banknotes from October due to hyperinflation. The Pardubice refinery Paramo ended last year with a loss of 687 million crowns. The French central bank has increased this year's economic growth outlook. Rusnok: The latest inflation data do not mean a change for the CNB's monetary policy. Mikov achieved the withdrawal of a fake copy of the Rybička knife from two manufacturers. According to estimates, year-on-year inflation stagnated in August. Year-on-year inflation in July was the highest in a year, exceeding market and CNB expectations. The Exporters' Association warned against artificial appreciation of the koruna exchange rate. Consumer confidence in the US fell to a seven-month low in September. CNB: Number of currency exchange offices down six percent year-on-year.

Stock exchanges: The price of aluminum rose to $3,000 per ton for the first time in 13 years. The price of gold fell below $1,700 per troy ounce, later erasing part of the losses. Problems with carmakers' chips are reducing prices of platinum group metals. The price of gas in the US has fallen from a seven-year high, but interest in the raw material continues. Rio Tinto will send a test device for lithium mining to Serbia. The recovery in the diamond market continues, De Beers sold the most stones since February. A Duchcov-based producer of semi-finished metal products faces a shortage of material.

Finance: Deposits of Czech companies exceeded loans by CZK 115 billion in July. A company from the Arca group does not agree with the dismissal of insolvency administrator Loudy. Banking Association: 11 percent of Czechs are in risky debt this year. The Hungarian Central Bank has increased the base interest rate to 1.65 percent. The Czech National Bank has increased its foreign exchange reserves in gold, the reserves amount to ten tons. Entrepreneurs from COVID guarantee programs received CZK 60.7 billion as of June 30. Sales of gold and silver in the Czech Republic are growing significantly, with Golden Gate increasing by 22 percent. Lufthansa wants to raise EUR 2.1 billion from the sale of shares to repay a state loan. Revolut applied for a specialized European banking license in the Czech Republic today. The US central bank left interest rates unchanged, is considering limiting support. Bloomberg: The Kellner family is considering options for Home Credit. Household deposits in banks increased by CZK 9.3 billion in August and exceeded CZK three trillion. Austria's Erste, which owns Czech Savings Bank, tripled its quarterly profit. The largest banks announced an increase in mortgage rates. The Forgotten Billions service found money from the coupon privatization era for 17,000 people. Equa Bank was forced to shut down its systems overnight, clients had incorrect amounts in their accounts. Reuters: China's Evergrande missed the deadline for paying interest on bonds. The Norwegian central bank raised the base interest rate from zero to 0.25 percent. The bank for settlement of payments will test the use of digital currencies of central banks. The Ministry of Finance sold negative-yielding euro bonds today amid high interest. Citigroup and Bank of America sharply increased their profits thanks to the release of reserves. Golden Gate CZ's revenues increased by 29 percent in the first half of 2021 to CZK 2.57 billion. Moody's: Islamic bond issuance will not grow this year for the first time in five years. Housing loan volume fell in July, but it is still the third strongest month. South Korea's central bank raised interest rates. Banks will pay more into reserves to protect the credit market.