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Czechs keep around 60 bln koruna at home

The amount of money Czechs keep at home stood at around 60 billion Czech koruna ($3.91 billion) at the end of last year, 6,000 koruna ($3918) per head and about 50% more that two years ago, a Czech Statistical Office (CSU) analysis of household savings and debt has shown.

The CSU assigned the growth to interest rates at banks that are not attractive for clients. Rising wages can be another reason. “Recent years are clearly one of the richest years of the last decade,” said Atlantik financni trhy analyst Petr Sklenar. Unlike in Western Europe, Czechs use banking services and cashless payments to a lesser extent, he said.

The amount of money kept at home is not part of any statistics and so it is important to specify it. Analysts say that the CSU estimate may, however, be quite realistic because 60 billion koruna is less than a fifth of the total value of cash circulating in the domestic economy. (Prague Daily Monitor)