The Czech National Bank (CNB) has announced a shake-up of its system for
managing its foreign currency reserves.
The bank says it will now divide its reserves into two categories: those destined for fast access and use and those regarded as long-term investments.
The former, accounting for around 45 percent of reserves, will be solely in the euro and US dollar. The later will have a wider currency spread and will include the Canadian and Australian dollars as well as the Swedish koruna, the bank said on Thursday.
At the end of last year, the central bank’s reserves stood at around 3,150 billion crowns.
Czech government debt narrowed in the third quarter of the year to 35.11
percent of Gross Domestic Product (GDP), the Czech Statistical Office
announced on Thursday.
That compares with the ratio of 38.24 percent at the same time a year earlier. Revenues in the latest period were up 6.8 percent with government spending advancing by 5.2 percent.
Unemployment in the Czech Republic rose in December following a four-month decline, going from 3.5 in November to 3.8 percent. The figure was released on Tuesday by the Czech Labour Office and, despite the rise, is the lowest for the period of December in 20 years. In all, some 280,000 people job seekers were registered.
Czech unemployment rose in December to 3.8 percent after four months of
decline, according to the data released by Czech Labour Office on Tuesday.
The figure stood at just over 280,000.
Despite the rise, it is still the lowest December figure since 1997. In December 2016, Czech unemployment stood at 5.2 percent. The number of vacancies increased in December to nearly 217,000, which is almost 3,000 more in November.
The Czech Finance Ministry has released the short conclusion of a 50-page report by the European Anti-Fraud Office into the so-called Stork’s Nest affair. While members of the lower house of the parliament’s immunity committee will be given access to the full report, it still remains unavailable to the public.
The governor of the Czech National Bank has received one of the most prestigious awards in the sector – the title of European bank governor of the year from The Banker magazine. Jiří Rusnok was given the award for dropping the low crown regime and trying to put a lid on a domestic real estate bubble.
A booming economy on the back of higher wages, more people in jobs, and strong exports – fuelled largely by the auto sector - and hardly dimmed by the end of the low crown and resurrection of interest rates as a central bank weapon. That was the big economic picture of the Czech economy in 2017 with the foot on the pedal likely to be lifted just slightly over the coming 12 months.