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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: The koruna has strengthened by about 10 percent in the five years since the end of the CNB's interventions. EU countries have approved the fourth package of sanctions against Russia, which will hit luxury and energy. The head of the Budget Council, Zamrazilová, is also a member of the pension reform group. Fitch Ratings confirmed Slovakia's credit rating at A. Inflation in the Czech Republic may rise to around 13 and 14 percent, Rusnok said. Středula: The threat of stagflation, high inflation and low growth, has increased even more. Survey: Almost three quarters of companies will feel the negative impact of the war in Ukraine. The CNB Council has increased the base interest rate to five percent, the highest since 2001. Rusnok: The CNB Council is ready to continue raising rates, the priority is price stability. Inflation in Turkey exceeded 60 percent in March, the highest in 20 years. ZEW: Investor confidence in the German economy fell less than expected. BIS head: The world may be on the threshold of a new inflationary era. Eurozone business activity growth was stronger than expected in March. Analysts: Higher rates will quickly make mortgages more expensive, deposit rates will rise later. US and allies are also targeting Russian supply chains, a member of the US government said. Stanjura: Polish proposal to completely ban trade with Russia is unrealistic. Dun & Bradstreet: The number of unreliable VAT payers has risen to 25,738. Older banknotes will expire at the end of June, and exchange will be possible afterwards. Bag-making industry sews bulletproof vests instead of bags and belts in times of war. Bloomberg: Half of the 20 richest Russians do not face sanctions, four of the top five do. The Venezuelan government should receive the Nobel Prize in Economics, said its leader Maduro. NYT: Sri Lanka's economy has hit rock bottom, the president is under pressure. IMF: Russian attack on Ukraine could fundamentally change the global economic order. GfK: Consumer sentiment in Germany is deteriorating due to the war in Ukraine. ZEW: Investor confidence in the German economy has fallen to a record low due to the war. The Sri Lankan stock exchange will remain closed next week. Morawiecki: Poland proposes a complete ban on trading with Russia. Analyst: The market expects a ČNB rate increase to five percent, the koruna's reaction will not be strong.

Stock exchanges: Volkswagen China will create joint ventures to secure nickel and cobalt. Palladium prices plunge on hopes of progress in Russia-Ukraine talks. Wholesale gas prices for the European market fell by 70 percent in a week.

Finance: IMF approves new $44 billion loan deal with Argentina. Argentine Senate approves new IMF deal to avert country's collapse. Reuters: Moscow and Beijing working on how to bypass SWIFT payment system. RTR: Some lenders receive interest payments on Russia's dollar bonds. Analysis: Mortgage boom in the Czech Republic ends this year, one third of applicants will not be able to get a loan. Sberbank CZ assured clients that the loan repayment schedule is still valid. Analysts: Gold has risen by six percent this year, silver by seven percent. Former CNB Governor Tůma has become a member of the Association of World Central Bankers. CBA: Mortgage volume fell by half to CZK 30.3 billion in March, rates rose. Lenders are waiting to see if Russia will pay interest on dollar bonds. CNB to open new visitor center on May 21. Mastercard and Nexo to jointly issue first cryptocurrency-backed payment card. Russia sent interest on dollar bonds as planned, awaiting results. Russian troops' invasion of Ukraine has disrupted about a third of economic activity.