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Finance Minister Cerda Indicates Tax Rises Ahead

CHILE
  • Chile’s government will need to raise revenue to cope with growing “social pressures,” according to one of the nation’s top economic policy makers.
  • Finance Minister Rodrigo Cerda speaking in an exclusive interview with Bloomberg TV said, “In the future we think we will require more fiscal revenue”.
  • Cerda also indicated he expects inflation to slow in H2, 2022 - “We expect that for the second semester of this year we are going to see much lower inflation”.
  • For reference, Cerda’s position will be taken over by former central bank governor Mario Marcel in March, an appointment welcomed by markets which was read as a sign of fiscal prudence.
  • The comments come just a day after a Constitutional Assembly committee backed a proposal in first instance that opens the door to nationalizing mines – headlines that immediately weighed on CLP.
  • While the plan still has to clear several hurdles before being included in a draft of the new constitution, developments will be eagerly awaited.
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