The Czech Republic has an export-dependent economy with the bulk of exports going to EU member states. The recent economic crisis and sanctions against Russia led the Czech government to draft a diversification strategy in 2012 and place a strong emphasis on economic diplomacy. However figures just out show that, so far, it has produced scant results.
The recent strengthening of the crown has led the Czech National Bank to consider extending its low crown intervention policy until 2017, according to the head of the bank’s currency and statistical section Tomáš Holub. In an interview with the business daily Hospodářské Noviny on Thursday Mr. Holub said it was the bank’s aim to continue with interventions on foreign markets for as long as necessary in order to support growth and move inflation towards the 2.0 percent target.
Prague’s new planned metro line “D” will feature automated (or driverless) trains, according to new website iDnes. The first part of the ambitious project is to be completed by the year 2022. The decision was taken by councillors at Prague City Hall on Tuesday. Previous plans greenlighted by the former administration of Mayor Tomáš Hudeček, counted on drivers, but cutting them out of the equation would apparently lower operational costs.
The announced sale of Prague’s Hilton Hotel last year appeared to stir a lot of interest from would be investors. But their appetite looks like it will have to be put on hold amid a legal battle between the former Irish owner and the consultancy charged with offloading some of the choice property assets.
Fewer bank clients are opting for incentivised savings for home construction, renovation and refurbishment, Czech Radio reported on Friday, attributing the drop in interest to a lower state subsidy than in the past. According to the public broadcaster, 267 thousand clients signed contracts in the first half of 2015 – almost a third fewer than the same period last year. At the same time, an in interest in construction mortgages has reportedly gone up.
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