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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. Quarantine in Chinese port caused a domino effect in global trade. BioNTech could increase Germany's economic growth by half a percentage point this year. El Salvador is preparing to become the first country to accept bitcoin as a national currency. The CNB will end the validity of older banknote designs from 1995 to 1999 in a year. According to estimates, year-on-year inflation was rather stagnant in August. Rusnok: The latest inflation data do not mean a change for the CNB's monetary policy. Czech household debts with banks rose to 1.942 trillion crowns in June. Year-on-year inflation in July was the highest in a year, exceeding market and CNB expectations. The Pardubice Paramo refinery ended last year with a loss of 687 million crowns. Venezuela to remove six zeros from all banknotes from October due to hyperinflation. 85 percent of companies fail to publish 2020 financial statements on time. Bloomberg: Taxing the empty apartments of the rich will not solve the housing crisis. German inflation hits 13-year high, unions call for wage increases.

Stock markets: Mining company backed by Bezos and Gates will search for metals in Greenland. Aluminum price hits 10-year high due to concerns about supplies from China. Aluminum price rises to $3,000 per ton for first time in 13 years. Metal product manufacturers are passing on the price hikes to their product ranges. Aluminum price hits 13-year high due to coup in Guinea. After three weeks of strike, the world's largest copper miner reaches deal with unions.

Finance: The largest banks announced an increase in mortgage rates. The volume of bank loans in April fell by 56 billion to 6.515 trillion CZK. The head of the US central bank will speak online at a symposium in Jackson Hole. ČSOB Pojišťovna achieved a record profit after tax of 1.437 billion CZK last year. Equa Bank was forced to shut down its systems at night, clients had incorrect amounts in their accounts. Moody's: Issuance of Islamic bonds will not grow this year for the first time in five years. According to the ECB Vice President, the eurozone economy is growing faster than expected. The Economic Committee called on the Czech National Bank to protect life insurance clients. Banks will pay more into reserves to protect the credit market. South Korea's central bank raised interest rates. The British central bank has not changed its monetary policy, warning of higher inflation. Czech companies' deposits exceeded loans by CZK 115 billion in July. Survey: Each household lost an average of CZK 17,000 this year due to the pandemic. European Commissioner Gentiloni warned against tightening monetary policy too soon. Tykač's Belviport increased its stake in Moneta Money Bank to over three percent. SAB Finance will pay out CZK 68 million in dividends for the first half of the year. A company from the Arca group does not agree with the dismissal of insolvency administrator Loudy. The US central bank left interest rates unchanged, is considering limiting support. The Forgotten Billions service found money from the coupon privatization era for 17,000 people. The investment wine market is at its peak, prices rose by 5.5 percent on average. The US central bank left interest rates unchanged, is considering limiting support. The Czech National Bank has increased its foreign exchange reserves in gold, with stocks totaling ten tons. Index: The average Czech investor in funds earned 5.5 percent this year. Almost a fifth of Czechs pay with their mobile phones, but they do not want to give up cash. ECB changes approach to monetary policy, promises longer-term support for the economy.