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.
The Czech foreign ministry says that a 21 year old Czech woman detained by
customs officials at Pakistan’s Lahore airport reportedly with nine kilos
of heroin in her possession is still being questioned by officials.
The Czech was detained at the airport on Wednesday with a court appearance scheduled to take place on Friday. A local Pakistani paper said that the Czech woman denied being responsible for the heroin found in her baggage.
She was originally set to travel to the United Arab Emirates.
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.
The Czech shopping boom continued in November, according to figures
released by the Czech Statistical Office on Thursday.
It said retail sales rose by 7.8 percent in the month compared with the situation in the same month a year earlier. Sales of non-food items showed the biggest increase at 10.7 percent with food items up 3.3 percent.
Sales by mail order or the Internet climbed by almost a quarter compared with the previous year. Many Czech have extra money in their pockets thanks to higher wages and low unemployment.
In tennis, Czech player Andrea Sestina Hlaváčková and Taiwan’s Latisha
Chan have reached the women’s doubles finals at the Sydney International
tournament in Australia.
They came through in straight sets, 6:2, 6:4 in the semi-finals. They will face the pairing of Canada’s Gabriela Dobrowski and China’s Yifan Xu in the final
The 1965 film Shop on the High Street was screened with musical
accompaniment from the Prague Symphony Orchestra at the Smetana Hall at
Prague’s Municipal House on Wednesday night. The event was one of many
this year marking the 100th anniversary of the foundation of
The Shop on the High Street, whose music was composed by Zdeněk Liška, was the first Czechoslovak film to win an Academy Award. It was directed by Ján Kadár and Elmar Klos.
Incumbent Miloš Zeman says that he will not take part in a debate with the
other candidate if he makes it through to the two-person run-off that will
take place if nobody wins over half the vote in this weekend’s first
round of voting in presidential elections. He made the comment in an
interview with Mladá fronta Dnes published on Thursday. Mr. Zeman has
refused to participate in any debates prior to the first round, in which
nine candidates are in the running, saying that he is not leading a
The president said that he had not sought financial support but nevertheless appreciated those who had contributed to his transparent account. He has received at least CZK 17 million in financial backing.
The current session of the Czech lower house has been suspended until next
Tuesday afternoon. The minority ANO government of Prime Minister Andrej
Babiš had been due to undergo a first vote of confidence on Wednesday.
However, it was decided to interrupt proceedings after negotiations of the
immunity committee held during a break in Wednesday’s session ran on for
some time. The committee is due to consider whether to recommend that Mr.
Babiš be allowed to face criminal charges over the alleged abuse of EU
Unless there is some breakthrough between now and Tuesday, the ANO minority government is expected to lose the vote of confidence.
If a second confidence vote is in fact required, President Miloš Zeman said on Wednesday that he would give ANO time for another attempt to form a government. However, he insists that they produce in advance a written document promising to form a government with the signatures of at least 101 deputies.
In an address to the Czech lower house, President Miloš Zeman called on
Andrej Babiš’s ANO minority government to win support ahead of an
expected second attempt to pass the vote of confidence that it requires to
rule. Mr. Zeman said he would give Mr. Babiš sufficient time to try to
find the necessary backing. He told deputies to look to Germany, where
coalition talks have been going on for months.
The president made the comments on Wednesday morning prior to an initial vote of confidence that the ANO government were widely expected to lose as they don’t have the backing of any other grouping. Mr. Zeman had already said he would give ANO a second chance to form a government.
The head of state later said he would require a written declaration of support for a new Babiš government from at least 101 of the 200 deputies in the lower house prior to a second confidence vote.
In the lower house the president also told MPs to bear in mind the presumption of innocence. The comment was a reference to the fact that the police are seeking to charge ANO chief Babiš over the alleged abuse of EU subsidies.
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