natgillin/translations-raw huggingface dataset:
4.5 Under the impact of an increase in foreign exchange demand, the kuna exchange rate depreciated by 2% in the first quarter of this year, subsequently regaining a relatively high stability due to weakened depreciation expectations and government foreign borrowing.
Radi zaustavljanja deprecijacijskih očekivanja, HNB je početkom 2009. godine izravno intervenirao na deviznom tržištu u bruto iznosu od oko 500 mil. eura, ali je i relaksacijom prudencijalnih mjera proširio manevarski prostor bankama da povećaju ponudu deviza te se tako i same uključe u obranu stabilnosti tečaja.
Banks were provided the needed "incentive" by a change in the currency structure of reserve requirement allocation and by the policy of providing limited kuna liquidity injections through open market operations, which periodically led to sharp increases in interest rates on overnight loans in the money market.
"Poticaj" za takvo ponašanje banaka bila je promjena u valutnoj strukturi izdvajanja obvezne pričuve te politika ograničenih injekcija kunske likvidnosti kroz operacije na otvorenom tržištu, što je povremeno imalo za posljedicu i vrlo visoke kamatne stope na prekonoćne kredite na tržištu novca.
As the exchange rate stabilised, the pressures on these rates reduced, with the result that they have constantly stood below the CNB Lombard rate, averaging 6.
Stabilizacijom tečaja, smanjeni su i pritisci na te stope, te su one konstantno niže od lombardne stope HNB-a i u prosjeku iznose 6.
For example, to cover these expenses with an interest rate on a foreign currency deposit of 5% and exchange rate risk of 2%, banks used to require an average interest rate on placements of 10.
Tako su npr. za pokriće tih troškova pri pasivnoj kamatnoj stopi na devizni depozit od 5% i uz tečajni rizik od 2% banke prije trebale ostvariti prosječnu kamatnu stopu na plasmane od 10.
2%, whereas this rate has now been reduced to 8.
2%, dok je sada ta stopa spuštena na 8.
The fact that bank lending interest rates have nevertheless grown is due to an increase in the price of foreign borrowing (country risk), a rise in interest rates on domestic deposits, triggered by the strengthening of bank competition against the background of a slowdown in deposit growth, and the worsening of placement quality, that is, a decrease in the recovery rate for loans, especially those granted to households.
Činjenica da su unatoč tome aktivne kamatne stope banaka porasle ima uzrok u povećanoj cijeni inozemnog zaduživanja (country risk), povećanju kamatnih stopa na domaće depozite zbog jačanja konkurencije između banaka u uvjetima usporenog rasta depozita, te u pogoršanju kvalitete plasmana, odnosno smanjenoj naplativosti kredita, posebno onih odobrenih stanovništvu.
5. Therefore, taken as a whole, the monetary sector has withstood the first impact of the financial crisis and it has been consolidating.
Međutim, on više nema kapacitet da podržava dosadašnju dinamiku rasta agregatne potražnje, niti su same banke spremne neselektivno nastaviti s ekspanzivnom politikom ponude kredita.
Specifically, industrial production has been declining at an average trend rate of 0.
Tako se industrijska proizvodnja još od ožujka prošle godine smanjuje po prosječnoj trendnoj stopi od 0.
7% a month ever since March 2008 and GDP practically stagnated throughout the previous year at the seasonally adjusted level reached in the last quarter 2007.
7% mjesečno, dok je BDP praktički stagnirao tijekom cijele prošle godine na desezoniranoj razini iz zadnjeg tromjesečja 2007. godine.
9% to 6.
9% na 6.
1%, which in 2008 offset the bulk of the nominal current income growth.
1%, koje je u 2008. godini neutraliziralo glavninu nominalnog rasta tekućih dohodaka.
6% in the EU) is an indication of the possible continuation of inflation's negative effect on disposable income and real domestic demand.
8% ( u Europskoj uniji samo 0,6%) indikator je mogućeg nastavka negativnog djelovanja inflacije na raspoložive dohotke i realnu potražnju na domaćem tržištu.
This has partly resulted from an increase in input costs, but also from a prevailing perception of economic policy as creating room for price increases in some products and services or "removing price disparity", even if these products are internationally traded, and especially if they are not.
Dijelom je to rezultat povećanja ulaznih troškova, ali i percepcije ukupnog djelovanja ekonomske politike koja otvara prostor za povećanje cijena pojedinih proizvoda i usluga ili za "otklanjanje dispariteta cijena", čak i ako su ti proizvodi predmetom međunarodne razmjene, a napose ako to nisu.
All this points to the fragility of relative price stability and indicates how easily it can be undermined, even in recession conditions.
Sve to ukazuje koliko je relativna stabilnost cijena zapravo krhka pojava i koliko je malo potrebno da se ona naruši, čak i u uvjetima recesije.
(2) A decrease in the value of household financial assets invested in securities and non-banking institutions, caused by bubble bursting in equity and real estate markets.
(2) Pad vrijednosti financijske imovine stanovništva uložene u vrijednosne papire i nebankovne institucije uslijed ispuhavanja balona na tržištima dionica i nekretnina.
This decrease, amounting to about HRK 43bn (37.
On je u 2008. godini iznosio oko 43 mlrd. kuna (smanjenje za 37.
Coupled with a real stagnation in employment income, such a loss of capital income and liquidity has led to a slump in personal consumption and sharp investment slowdown.
1%) od čega u četvrtom tromjesečju oko 16 mlrd. kuna, čime je gotovo potpuno neutraliziran rast vrijednosti te imovine tijekom prethodne godine.
(3) An increase in illiquidity stemming from the inelasticity of a part of current expenditures under the conditions of a revenue drop and high loan commitments.
Zajedno s realnom stagnacijom dohodaka od rada, takav gubitak kapitalnih prihoda i likvidnosti, doveo je do pada osobne potrošnje i bitnog usporavanja investicija.
And while the household and corporate sectors have secured some room for manoeuvre through cuts in their savings, the government sector has behaved in a very rigid manner.
(3) Jačanje nelikvidnosti zbog neelastičnosti dijela tekućih rashoda u uvjetima smanjenih prihoda te visokih kreditnih obveza.
Similar trends continued in the first five months of 2009, when the central government net borrowing increased by an additional HRK 13.
7% BDP-a, pri čemu je cijeli taj deficit bio koncentriran u posljednjem tromjesečju, znači u vrijeme najvećih potresa na financijskim tržištima.
Initial domestic market liquidity in that period was definitely insufficient to finance such government needs, so that the government's insolvency, that is, its inability to settle its liabilities - especially foreign liabilities - could have only been prevented by an informally "conditioned" relaxation of monetary policy.
Naravno da početna likvidnost na domaćem tržišta nije bila u tom razdoblju dovoljna za financiranje tolikih potreba države, i jedino je neformalno "uvjetovanom" relaksacijom monetarne politike bilo moguće spriječiti pojavu nesolventnosti države u podmirivanju njenih obveza - posebno prema inozemstvu.
However, this considerably reduced the possibility of channelling up to that point immobilised assets directly to the corporate sector to maintain its liquidity.
Time je, međutim, značajno umanjena mogućnost da se ta dotad imobilizirana sredstva izravno usmjere prema sektoru poduzeća i održavanju njihove likvidnosti.
(4) Animal spirits, with the so-called (non)-confidence multiplier, defined as general euphoria prevailing in an economic upturn or general panic reigning in an economic downturn, which prevent economic entities from behaving rationally.
(4) "Animal spirits", s tzv. multiplikatorom (ne)povjerenja, odnosno opće euforije u uzlaznoj i opće panike u silaznoj fazi ciklusa, zbog koje se ekonomski entiteti ne ponašaju racionalno.
The Consumer Confidence Index, which is an indicator of current conditions in this area, decreased by more than 25 points during 2008 and the first quarter of 2009, hitting its lowest level since mid-1999.
Indikator aktualnog stanja u toj sferi je i indeks pouzdanja potrošača koji je tijekom 2008. i u prvom tromjesečju 2009. godine smanjen za preko 25 poena i na najnižoj je razini još od sredine 1999. godine.
(5) These predominantly domestic factors were no sooner than in late 2008 accompanied by a major external shock - a drop in export demand, with its negative effect augmented by a very restricted possibility of substituting export demand by domestic demand and insufficient capability of substituting import demand by domestic supply.
(5) Na te dominantno domaće činitelje, uslijedio je tek krajem 2008. godine ključni eksterni udar - pad izvozne potražnje, čije negativno djelovanje potenciraju vrlo ograničene mogućnost supstitucije izvozne potražnje domaćom i nedovoljna sposobnost supstitucije uvozne potražnje domaćom ponudom.
This shock has markedly exacerbated the problem of the essential structural maladjustment of the Croatian economy - the trade in goods deficit of 23% of GDP.
On je bitno zaoštrio problem ključne strukturna neusklađenost hrvatske ekonomije, a to je deficit u razmjeni roba od 23% BDP-a.
A very vulnerable sector of services and transfers will not be able to cover this deficit, if it remains at such a level, for a long period of time.
Njega, na takvoj razini, još dugo neće moći pokriti vrlo osjetljiv sektor usluga i transfera.
6. Therefore, in contrast with the monetary sector, which has been consolidating, the real sector is yet to encounter the biggest problems.
6. Dakle, za razliku od monetarnog sektora koji se konsolidira, realni sektor se tek nalazi pred najtežim problemima.
Their main causes include a decline in aggregate demand and an increase in illiquidity, none of which has resulted primarily from monetary factors or exclusively from external factors.
Njihovi osnovni uzroci su pad agregatne potražnje i povećana nelikvidnost, od kojih niti jedan nije primarno iniciran monetarnim činiteljima, niti je posljedica samo eksternih uzroka.
However, in addressing these problems, the real sector is now faced with considerable monetary and financial limitations that it has to a large extent caused itself.
Međutim, u rješavanju tih problema, realni sektor se sada suočava s izraženim monetarnim i financijskim ograničenjima, koje je u značajnoj mjeri sam izazvao.
The size of this adjustment is roughly determined by the following three externally generated assumptions, which are in line with the developments recorded so far in 2009.
Veličina te prilagodbe okvirno je određena s tri eksterno definirane pretpostavke, koje su sukladne efektivnim kretanjima u dosadašnjem dijelu 2009. godine.
These include:
To su:
4% to, as estimated, about 6% of GDP).
4% na, procjenjuje se, oko 6% BDP-a).
A prerequisite for this is a decrease of about 15% in goods and services imports, which should be the focus of the overall policy of regulating domestic demand and requires strong efforts on the part of fiscal policy.
To pretpostavlja smanjenje uvoza roba i usluga za oko 15%, čemu bi trebala biti podređena ukupna politika reguliranja domaće potražnje i gdje posebnu odgovornost ima fiskalna politika.
In this context, monetary policy will be providing liquidity support to the system only up to the level which does not pose a threat to exchange rate stability and produce, in this way, an adverse effect on the overall financial system, as recently experienced by some CEE countries.
U tim okvirima, monetarna će politika podržavati likvidnost sustava samo do razine koja neće destabilizirajuće djelovati na tečaj i preko njega nepovoljno utjecati na ukupan financijski sustav, kao što se nedavno dogodilo u pojedinim zemljama srednje i istočne Europe.
Accordingly, the banking system's net domestic assets are estimated to increase by an approximate 9%, but they will also comprise - should there be no change in the structure of placements by sectors - an increase of only 4% in corporate and household loans.
Temeljem toga, ocjenjuje se da će neto domaća aktiva bankovnog sustava porasti za oko 9%, ali će u okviru nje - ne promijeni li se sektorska struktura plasmana - krediti poduzećima i stanovništvu porasti za samo 4%.
At the same time, total liquid assets will rise by about 2% and money supply will reduce by over 10%.
Istodobno, ukupna likvidna sredstva porast će za oko 2%, dok će novčana masa biti smanjena za više od 10%.
If the initial assumptions are proven accurate, domestic aggregate consumption may be expected to drop in real terms by about 6% and GDP to decrease by about 5% in 2009.
Potvrdi li se u praksi točnost inicijalnih pretpostavki, u 2009. godini može se očekivati realno smanjenje domaće agregatne potrošnje za oko 6%, te pad BDP-a za oko 5%.
The possibility of a lower decrease will primarily depend on global developments, which, if more favourable than projected, can to a certain extent alleviate external limitations for both the financial and real sectors of the Croatian economy.
Može li taj pad biti manji, prije svega će zavisiti od razvoja prilika u svijetu, gdje povoljnija kretanja od sada predviđenih mogu u određenoj mjeri ublažiti eksterna ograničenja za hrvatsku ekonomiju i u financijskom i u realnom sektoru.
Nothing will be resolved if it is to be seen merely as a "temporary halt" to positive long-term trends of economic growth and development.
Ako nju vidimo samo kao "privremeni zastoj" u dugoročno pozitivnim tendencijama ekonomskog rasta i razvoja, ništa nećemo riješiti.
On the contrary, it must primarily be regarded as a dire warning of the consequences that may arise, and that have already arisen, from neglecting the issue of the sustainability of economic growth.
Suprotno tome, nju treba prije svega shvatiti kao drastičnu opomenu o posljedicama koje mogu i jesu nastupile zbog prethodnog zanemarivanja problema održivosti ekonomskog rasta.
This warning could have been even more severe had the CNB' monetary policy stance in the previous years been different.
Opomenu koja bi bila još teža da je HNB u proteklim godinama vodio drugačiju monetarnu politiku.
If we take this warning seriously, this crisis will also provide us with an opportunity for a fresh approach to future economic development.
Shvatimo li tu opomenu, tada je ova kriza ujedno i šansa za jedan drugačiji početak promišljanja budućeg ekonomskog razvoja.
7. The problems that economic policy used to face are not substantially different from those it is facing now.
7. Problemi s kojima se ekonomska politika suočavala prije i s kojima se suočava sada samo su naizgled bitno različiti.
In the conditions of abundant supply and a low price of foreign capital, the key problem was how to restrict surging capital inflows, which, through increases in the current account deficit and external debt, generated imbalances in the national economy and made it increasingly vulnerable to external shocks.
U uvjetima obilne ponude i niske cijene stranog kapitala ključni problem je bio kako ograničiti ekspanzivni priljev tog kapitala koji je kroz rastući deficit tekućih transakcija platne bilance i povećanu inozemnu zaduženost generirao neravnoteže u nacionalnoj ekonomiji i njezinu ranjivost na eksterne šokove.
Now that these shocks have been realised owing to the global financial crisis, the problem posed is how to reduce these imbalances, whose financing is to a large extent being transferred to limited domestic sources, in the quickest and most painless way.
Sada kada su ti šokovi efektuirani uslijed globalne financijske krize, problem je kako brzo i što bezbolnije smanjiti te neravnoteže čije financiranje se znatnim dijelom prebacuje na oskudne domaće izvore.
Therefore, to use technical parlance, the problems appear to have developed from an "over-accelerated growth" to a "hard landing".
Dakle, gledano tehnički, čini se da su problemi evoluirali od "prebrzog rasta" do "tvrdog prizemljenja".
This problem requires joint efforts from all segments of economic policy and should be a matter of special concern in the interrelation between fiscal and monetary policies.
To je problem koji traži usklađeno djelovanje svih segmenata ekonomske politike, u okviru čega posebno na relaciji između fiskalne i monetarne politike.
This, on the other hand, gives rise to some well-known difficulties.
Tu se, međutim, javljaju dobro poznate teškoće.
The government budget and the planning documents of some extrabudgetary central government institutions are either adopted or verified by the Croatian Parliament, which also adopts laws governing certain entitlements of budgetary users and their financing sources.
Državni proračun i planske dokumente nekih izvanproračunskih institucija središnje države donosi ili potvrđuje parlament, koji donosi i zakone kojima se utvrđuju određena prava proračunskih korisnika te izvori sredstava za njihovo financiranje.
This makes broad fiscal policy conducive to partial interests of some social groups that are, having been politically verified as "needs", transferred to the financial and monetary sectors, which are supposed to provide sufficient liquidity for their realisation.
Time fiskalna politika u širem smislu sublimira parcijalne interese pojedinih društvenih skupina, koji se onda kao politički verificirane "potrebe" prenose u financijsku i monetarnu sferu, gdje se očekuje dostatna likvidnost za njihovu realizaciju.
A problem arises if the financial system liquidity level falls below the level of the established "entitlements".
Tu nastupa problem, ako je likvidnost financijskog sustava ispod razine utvrđenih "prava".
A solution is found either in foreign borrowing or, when access to foreign borrowing is significantly curtailed as it is currently the case, in putting pressures on the central bank's currency issue.
Rješenje je ili u inozemnom zaduživanju ili, kada su mogućnosti tog zaduživanja bitno ograničene kao što je sada slučaj, u pritiscima na emisijsku funkciju središnje banke.
The central bank, unable to ignore the problem, tries to provide a partial assistance to the government in financing its needs, both at the level of annual aggregates and, especially, within the intra-year bridging of the disparity between the dynamics of fiscal revenue collection and that of expenditure realisation.
Ona, naravno, ne može zatvarati oči pred problemom i zato nastoji djelomično pomoći državi u financiranju njezinih potreba i na razini godišnjih agregata i, posebno, u sferi unutargodišnjeg premošćivanja dispariteta između dinamike prikupljanja fiskalnih prihoda i dinamike realizacije rashoda.
While it can be relatively easily solved in a general economic expansion, during a contraction this problem can escalate to the "crowding out" of the corporate and household sectors from the loan market.
I dok u uvjetima opće ekspanzije to i nije posebno veliki problem, u uvjetima kontrakcije problem može eskalirati do pojave "efekta istiskivanja" sektora poduzeća i stanovništva s tržišta kredita.
This is why in the times of crisis there is always an emphasis on the responsibility of fiscal and overall public sector consumption policies for the country's overall economic conditions.
Zato se u kriznim razdobljima uvijek i ističe posebna odgovornost fiskalne politike te politike ukupne potrošnje javnog sektora za opće ekonomsko stanje u zemlji.
Should relevant political agents fail to perceive this, the only solution would appear to be to seek assistance from the IMF and other international financial institutions.
Ne percipiraju li to u dovoljnoj mjeri relevantne političke strukture, jedino rješenje bilo bi, naravno, zatražiti pomoć od MMF i drugih međunarodnih financijskih institucija.
However, there are at least two reasons why this is not an adequate solution.
To, međutim, nije dobro rješenje iz barem dva razloga.
The first is that we would beforehand loose a relatively significant portion of foreign exchange reserves, with the result that our external operational flexibility would be limited in the long term.
Prvo, prethodno bi ostali bez relativno značajnog dijela deviznih rezervi, što bi na duži rok ograničavajuće djelovalo na fleksibilnost u poslovanju s inozemstvom.
The second and probably more important reason is that the IMF requirements imposed on Croatia would not be essentially different from our assumptions of what needs to be done to preserve the country's external liquidity.
Drugo, što je vjerojatno još važnije, zahtjevi koje bi u tom slučaju MMF postavio pred Hrvatsku ne bi u suštini bili ništa različiti od onoga za što i sami znamo da je u takvim situacijama potrebno poduzeti da bi se očuvala eksterna likvidnost zemlje.
Relying on the IMF, as a last resort, to "prescribe" the actions to be taken, instead of taking them ourselves and preventing the escalation of the problem, could hardly be regarded as an example of responsible behaviour by economic policy makers.
Potreba da nam to "propiše" MMF kad više nema drugog izlaza, umjesto da to unaprijed sami uradimo i time spriječimo eskalaciju problema, ne bi se mogla shvatiti kao primjer odgovornog djelovanja nosilaca ekonomske politike.
CNB's operation report for 2012 adopted
Usvojeno izvješće o radu HNB-a za 2012.
At its regular session today, the Croatian National Bank Council reviewed current monetary and economic developments and adopted the central bank's operation report for 2012.
Savjet Hrvatske narodne banke na današnjoj je redovitoj sjednici razmotrio aktualna novčana i gospodarska kretanja, te usvojio godišnje izvješće o djelovanju središnje banke za 2012. godinu.
The Council also approved the prolongation of the mandate for the Chairman of the bank's Management Board, Ante Pekić.
Savjet je suglasan i s produženjem mandata Anti Pekiću na mjestu predsjednika uprave te banke.
IMF Deputy Managing Director visits CNB
Zamjenica glavne direktorice MMF-a u HNB-u
In the context of a regional visit to International Monetary Fund member countries, Dr Nemat Shafik, Deputy Managing Director of this international financial institution visited Zagreb today.
U okviru regionalnog posjeta zemljama članicama Međunarodnog monetarnog fonda danas u Zagrebu boravi dr. Nemat Shafik, zamjenica glavne direktorice te međunarodne financijske institucije.
To get a better insight into the current situation of the economy and the financial system in Croatia, the esteemed guest and her associates took part in a very tight schedule during their one-day working visit to Croatia, holding discussions in the Government of the Republic of Croatia, the Croatian National Bank and with the representatives of several major banks, the Croatian Employers' Associations and unions.
Radi što potpunijeg uvida u aktualne prilike u gospodarstvu i financijskom sustavu naše zemlje, uvažena gošća i suradnici koji je prate uključili su u zgusnut program jednodnevnog radnog boravka razgovore u Vladi RH, Hrvatskoj narodnoj banci, te s predstavnicima nekoliko najvećih banaka, Hrvatske udruge poslodavaca i sindikata.
During her visit to the CNB, Dr Nemat Shafik met with Governor Vujčić and other members of CNB management and inquired about the condition of the banking system, lending and interest rate policy of banks, banks' liabilities recoverability and relations with foreign parent banks, as well as central bank expectations as regards future developments in these areas and macroeconomic outlooks for 2013.
Tijekom susreta s guvernerom dr. Borisom Vujčićem i drugim članovima rukovodstva HNB-a Nemat Shafik zanimala se za stanje u bankovnom sustavu, kreditnu i kamatnu politiku banaka, naplativost njihovih potraživanja i odnose s inozemnim matičnim bankama, te za očekivanja središnje banke u pogledu daljnjih kretanja u tim segmentima, kao i o makroekonomskim izgledima za 2013. godinu.