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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: Czech households' debts to banks rose to 1.942 trillion crowns in June. CNB: The number of currency exchange offices fell by six percent compared to last year. According to estimates, year-on-year inflation stagnated in August. Inflation exceeded four percent, the highest since November 2008. Consumer prices rose by 3.4 percent year-on-year in July, the most in a year. German inflation reached a 13-year high, unions call for wage increases. Venezuela will remove six zeros from all banknotes from October due to hyperinflation. Electricity shortages in China are closing factories, analysts are worsening growth prospects. Analysts: July inflation supports the scenario of further CNB rate hikes. Bloomberg: Taxing empty apartments of rich people will not solve the housing crisis. Rusnok: Latest inflation data does not mean a change for the monetary policy of the Czech National Bank. Prouza: Rate hike will be a problem for exporters, good news for customers.

Stock exchanges: Metal product manufacturers are projecting the price hike into an increase in the prices of their product range. Rio Tinto will send a test device for lithium mining to Serbia. Aluminum price is the highest in a decade due to concerns about supplies from China. Duchcov manufacturer of semi-finished metal products faces a shortage of material. Chinese oil company CNOOC plans to enter the Shanghai stock exchange. Mining company backed by Bezos and Gates will search for metals in Greenland. Aluminum price rose to the highest in 13 years due to the coup in Guinea. Gas price in the US fell from a seven-year high, but interest in the raw material persists.

Finance: Bloomberg: Kellner family considers options for Home Credit. Golden Gate CZ sales up 29 percent to CZK 2.57 billion in the first half of 2021. The US central bank left interest rates unchanged, is considering limiting support. The Czech National Bank has no objections to ČSOB's intention to pay a dividend of CZK 4.1 billion this year. 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. Sales of gold bars and coins were the highest this year since 2013. The ECB is changing its approach to monetary policy, promising longer-term support for the economy. Banks will pay more into reserves to protect the credit market. Deposits of residents in banks increased by 9.3 billion in August and exceeded three trillion CZK. Austria's Erste, which owns Česká spořitelna, tripled its quarterly profit. The Czech National Bank increased its foreign exchange reserves in gold, the reserves amount to ten tons. The Hungarian Central Bank increased the base interest rate to 1.65 percent. The head of the US central bank will speak online at a symposium in Jackson Hole. The largest banks announced an increase in mortgage loan rates. A company from the Arca group does not agree with the dismissal of insolvency administrator Louda. The Danish Central Bank slightly reduced interest rates. DER Touristik Eastern Europe has resolved bankruptcy insurance with a bank guarantee. Lufthansa wants to raise 2.1 billion euros from the sale of shares to repay a state loan. Tykač's Belviport increased its stake in Moneta Money Bank to above three percent. Eurocommissioner Gentiloni warned against tightening monetary policy too soon. Sales of gold and silver in the Czech Republic are growing significantly, with Golden Gate up 22 percent. Entrepreneurs received CZK 60.7 billion from COVID guarantee programs as of June 30. The British central bank has not changed monetary policy, warns of higher inflation. Analysts: Bank savings accounts are now depreciating by three percent per year.