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Parliament Resumes Fiery Debate On Pensions, CNB's Frait Refuses To Rule Out Tightening

CZECHIA
  • The Chamber of Deputies yesterday held a heated debate on the government's proposal to slow the indexation of pensions. Labour and Social Affairs Minister Jurecka told MPs that keeping the current rate of pension indexation would cost the budget around CZK600bn over the next ten years, while the proposed legislation would translate into CZK316bn in savings. The debate lasted for sixteen hours as the opposition made good on its threat to use filibuster, with SPD leader Okamura speaking for over seven hours. Parliament resumed its sitting early in the morning.
  • CNB Bank Board's Jan Frait, recently promoted to Deputy Governor, refused to completely rule out more tightening by the Czech central bank, even as he noted that existing monetary conditions are taming demand and price pressures. Frait sugested that any fresh tightening could be delivered via interest-rate action or the exchange rate. The CNB operates an FX regime to prevent excessive Koruna depreciation, which has helped the currency reach multi-year highs. Most Bank Board members consider a strong exchange rate as a key bulwark against inflation.
  • President-elect Petr Pavel noted that told E15 that CNB Governor Ales Michl's missing background check could potentially cost him his job, but emphasised that it is difficult to dismiss a central bank chief and "there's no point in talking about it because we're not there" yet.
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