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Ministers Look to Calm Market Concern Over Retroactive Taxes

CZECHIA
  • In an interview with Ekonom magazine, CNB’s Dedek pledged to back a rate hike should the CZK come under pressure and underlined the central bank’s view that policy would be tightened if there was any evidence of a wage-price spiral. Dedek detailed that this becomes more likely with salary increases north of 8%. For now, Dedek’s preference is for unchanged given the plummeting mortgage market and fragile signs that inflation is nearing its peak.
  • Confusion remains over the possibility of a retroactive windfall tax on utilities and banks in the country, with the finance minister yesterday looking to calm markets by outlining the government’s preference for a 2023 start, rather than outside proposals of the tax kicking in to cover this year’s profits.
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