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Home bank deposits declined after several years.  Also because of the expensive housing - ČT24 - Czech TV

Home bank deposits declined after several years. Also because of the expensive housing – ČT24 – Czech TV

The owner of the farmhouse, Iveta Churavá, wanted to open another shop, so she borrowed from the bank. She wanted to save something with her money, but it did not work out. A few years ago, I set up a different branch – since then the prices for most things have gone up by tens of percent.

“I borrowed more money than I expected the business to cost me. However, at the moment I am glad that I created one of those loans and I have no other choice,” describes Churava.

She says she sees her clients running out of money. They go less and less for more expensive goods. “We have about a third of clients less, and they buy more often for less money, and you can see how they save,” says the businesswoman.

People are more likely to access savings

Due to higher inflation and more expensive energy, as well as more expensive mortgages, people are now saving more than in the past. “Most families are already running out of money, only the affluent minority are spending more on vacations and other things that have been blocked in the time of Covid,” said Martin Ball, a macroeconomic analyst at General Investments.

“Inflation sucks money out of their accounts. If we look at consumer confidence indicators – for example, those shared by the European Commission, we see that the Czechs are not reporting any strong intention to indulge too much, and buy too much. Quite the opposite,” says Vit Hradell, Chief Economist of Cyrus.

People now borrow more often. Household size increased by 15 billion on a monthly basis.

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