Finance Ministry Invests State Funds Into Commercial Banks
News: The Czech finance ministry has invested state money into commercial banks in the country, according to Czech Finance Minister Andrej Babis (CIJ Journal). Babis claims that the state has earned CZK45mn (US$2.26mn) from the investment over the past three months, partly due to weakened Czech currency. The ministry invested with 10 Czech-based lenders, including Komercni banka and Ceska sporitelna. The move received mixed feedbacks from analysts who caution that investing state funds into commercial lenders is riskier than depositing the funds in the central bank. The minister claims that lenders in the Czech Republic are 'the best in Europe' and are 'stuffed with money'. Babis plans to raise CZK150mn (US$7.53mn) by investing state funds in 2014.