The head of the Monetary Authority has been targeted by members of the government to keep the interest rate high since September 2022
president B.C.E. (Central Bank), Roberto Campos Neto, said on Monday (May 29, 2023) that inflation “It looks like it will get better, albeit slowlyHe praised the Monetary Authority’s decision to keep the interest rate at a high level. The economist is a frequent target of members of government for this procedure.
“The scene is clear. We have hypertrophy that seems to be improving, albeit slowly. At the same time, activity was surprisingly bullish. Confidence scores have improved, but are still below averageCampos Neto announced during his participation in the Innovation Award for Economic Developmentin Fortaleza (CE).
“This is the first time that inflation has run rampant in the world and Brazil ranks lower. This was because BC realized they needed to raise interest rates, so they rose quickly and beforehand“, He said.
However, according to what the head of the Monetary Authority said, “There is still work to be doneThe long-term outlook for inflation is high.
The Selic rate has been at 13.75% annually since September 2022. BC has come under pressure from the President’s government Luiz Inacio Lula da Silva (PT) to reduce the rate. The next Copom (Monetary Policy Committee) meeting, which decides on the topic, is scheduled for June 20-21.
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