The Prague Post
July 9th, 2008
Endowment Fund     Book of Lists ONLINE      Reservations      Classifieds    Subscriptions
Prague accommodation

Home » Archives » Banking & Finance

In Brief


News & notes | Search restaurants | Archives

INFLATION Consumer price growth slowed to 6.8 percent in April from 7.1 percent year-on-year in March, the Czech Statistical Office announced May 12. The result was 0.1 percent higher than the Czech National Bank (ČNB) predicted. The ČNB expects the inflation rate to creep back down by the end of the year. The current rate far exceeds its 3 percent inflation target.

EURO Slovakia’s bid to adopt the euro in 2009 received approval from the European Commission (EC) and the European Central Bank (ECB) May 7. The EC said Slovakia had fulfilled all the necessary conditions while the ECB expressed wariness about inflation after Slovakia adopts the currency, which is expected to happen Jan. 1. Slovakia should also curb its wage growth, the ECB said.
LENDING Banks have recorded a double-digit rise in the number of consumer loans granted in the first quarter of this year, the Czech News Agency reported May 11. Česká spořitelna reported growth of over 20 percent compared to the same time last year. This growth, which is attributed to new loan products, comes as the number of mortgages granted has slowed.
TRADE The foreign trade surplus fell sharply in March to 8.1 billion Kč ($500.3 million) from 14.3 billion Kč in February, the Czech Statistical Office reported May 6. The fall was attributed to the slowing eurozone and a subsequent decline in automobile and machinery exports. The number of imports also declined. March was the first time both imports and exports have fallen since January 2004.
GDP The ČNB upgraded its growth projections for the economy this year from 4.1 percent to 4.7 percent of gross domestic product (GDP), the bank’s governor, Zdeněk Tůma, said May 7. However, the bank downgraded its estimates for next year’s GDP growth from 4.6 percent to 4 percent. The economy is taking longer to cool down than expected, Tůma said.
CITI The Czech branch of Citibank recorded a profit of 895 million Kč last year, up 146 percent from 2006, the bank reported May 8. The bank’s total assets grew 27.6 billion to 130 billion Kč. According to the ČNB, the country’s 37 active banks saw their profits increase 24 percent last year.


Other articles in Banking & Finance (14/05/2008):

Browse the Current Issue

If you enjoyed this article, why don't you subscribe to the print version!
We accept secure online transactions provided by PayPal and Moneybookers

Be the first to add a comment!


Full Name: *
City: *
E-mail: **
This comment can be published in the print version of The Prague Post
Enter the text on the right:
 visual captcha
Comment: *
* Required field. In order to be approved for display, comments must have a first and last name and a city.
** E-mails are required and will only be used for internal purposes.

Most visited in Book of Lists

Hotel booking
The Prague Post Online contains a selection of articles that have been printed in
The Prague Post, a weekly newspaper published in the Czech Republic.
To subscribe to the print paper, click here.
Unauthorized reproduction is strictly prohibited.