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"Cambie, Silvia"
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Czechs set up pension funds to tap markets
Major Czech banks and insurance companies are beginning to set up pension funds that will start operating at the end of the year. The new legislation provides for a personal pension scheme to supplement the state system. Employers can contribute to the fund on a voluntary basis, but payments cannot be deducted from corporate tax. The state supports the scheme with digressive contributions which range from 40% in the case of the minimum premium of Kc100 to 27% for premiums equaling and exceeding Kc500. During the first 2 years following the conclusion of the insurance contract, this subsidy is increased by 25%. The labor ministry thinks the premium income of the pension funds will hit Kc8.55 billion by the end of 1995 while state contributions will total Kc2.37 billion.
Journal Article
Czech privatization moves into high gear with second wave
Czech voucher privatization may have been effective for the transfer of property rights of state-controlled enterprises to new owners, but it has been less successful in the implementation of efficient corporate governance. Conceived in 1990 by a group of Czech economists, the voucher privatization scheme needed to convert the ownership structure of the economy - with one of the smallest private sectors in Eastern Europe at the time - in the shortest possible time. At the same time, the politicians needed to take into account the population's lack of financial resources and their desire to benefit visibly from the transition to a market economy. The Czech government is convinced that the outcome of voucher privatization entirely satisfied expectations, but international observers are less sure and see the process merely as an exercise in rearranging chairs.
Journal Article
Czech Republic
With the considerable changes and rapid move toward a market economy in the Czech Republic, Prague is regaining its pre-war splendor and elegance. Reconstruction work throughout the city is making the capital a must for tourists as well as businesspeople interested in the considerable investment opportunities. Doing business in the city can be enjoyable and frustrating. Information on the following for business travelers is presented: 1. visas, 2. climate, 3. time, 4. airport, 5. transport, 6. taxis, 7. car rental, 8. banking, 9. hotels, and 10. restaurants.
Journal Article
Foreign banks develop strategy for Czech
In the Czech Republic, foreign banks are moving from traditional banking services, including lending activities, to more sophisticated products involving capital market transactions and currency exchange risk management. Over the past 2 years, foreign banks have opened 12 banking subsidiaries, 10 branches, and 37 representative offices in the republic. The Czech National Bank believes the influence of foreign banks is critical for the internationalization of the Czech banking system. At present, foreign banks have only a 5% share of the $23.6 million total credit portfolio registered by the banking sector in 1993. However, many foreign banks have been intensifying their activities in the Czech corporate sector. One spur for foreign bank development has been the increasing demands from existing domestic clients.
Journal Article
Czech Republic prepares for convertibility of national currency
The Czech National Bank is preparing for the introduction of full convertibility of the national currency in the medium term. The National Bank is clearly undergoing a learning-by-doing process, implementing gradual steps enabling the bank to watch closely the reaction of the local business community to the moves and the regulator's ability to control the monetary scene. Among the measures most recently introduced has been a relaxation of rules under which domestic companies are allowed to retain hard currency earnings. This will send strong, positive signals to potential and existing foreign investors keen to see the Czech reform process progress. Only a few companies conducting mainly foreign trade transactions are likely to take advantage of the change in the National Bank's rules. Most banks in the republic do not think there will be significant profits generated by foreign exchange operations for local companies.
Journal Article