The first official meeting between the president of the Central Bank of Brazil (BCB), Roberto Campos Neto, the Minister of Finance, Fernando Haddad, and the Minister of Planning and Budget, Simone Tebet, lasted less than half an hour, to discuss monetary policy and fees.
The meeting of the National Monetary Council (CMN), this Thursday (16), began at 3:18 pm and ended at 3:46 pm. It lasted 28 minutes. The lunch that took place a little earlier, between Campos Neto, Haddad and Tebet, lasted just over 2 hours. It started at 1 pm and ended with the start of the CMN.
The meeting was expanded. According to the assessment of CNN around 20 people participated in all, including some names from the second echelon of the Treasury, in addition to members of the CMN – the Minister of Finance, the Minister of Planning, and the president of the Central Bank.
One of those people who participated as guests reported to the CNN that the meeting was “quiet”, after the long conversation of more than two hours reserved between the three official members of the CMN, at the lunch that preceded the expanded meeting.
A CNN found that there is no forecast for an interview with government ministers, only the official manifestation of the CMN and a collective with BCB technicians. Both after the market closed. At the press conference, Central Bank technicians will explain the institution’s votes in the Council.
The CMN meeting and lunch took place at the headquarters of the Ministry of Finance, in Brasília, after government criticism of the high level of the Selic rate, which is currently at 13.75% per year.
The CMN is the government body responsible for formulating currency and credit policy, such as the country’s inflation targets. The Council comprises the Minister of Finance, the Minister of Planning, and the President of the Central Bank.
Haddad said, this Wednesday (15th), upon arriving at a dinner with big names from the Brazilian business community, promoted by Grupo Esfera Brasil, that he is taking measures to “allow a reduction in the interest rate”.
“It is very important that businessmen have sent Congress their agreement with the fiscal measures that we are taking to improve public accounts and allow a reduction in interest rates and Brazil to return to growth”, said the Minister of Finance, when thanking the support of the business community.
Critical comments by members of the Lula government reignited discussions about changes to the inflation target and even about the autonomy of the BCB. Campos Neto, however, classified the debate around the target as “legitimate”.
Source: CNN Brasil
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