Under Campos Neto, the Central Bank was elected Monetary Authority of the Year

Under Campos Neto, the Central Bank was elected Monetary Authority of the Year

'Central Banking Awards 2024' praises independence in British Columbia, even in the face of pressure from President Lula

The Central Bank, under the leadership of Roberto Campos Neto, was elected on Tuesday (March 12, 2024) the monetary authority of the year by Parliament. Central Bank Awards 2024granted by the site Central banks.

The publication praises the independence adopted by the Brazilian monetary authority in the face of the pressures facing the president Luiz Inacio Lula da Silva (PT), in addition to transparency, digital communication and climate commitment.

[O Banco Central do Brasil] It improved its transparency and communications, reformed its methods for dealing with foreign exchange interventions, and supported financial stability. It has digitally transformed its operations, honing its environmental and financial inclusion credentials, while modernizing its instant payments ecosystem, including efforts to integrate “digital reality” into its architectural framework.He says text to Central banks – See below the ad image that was used on the site.

Hey Central banks He also referred to the criticism of Lula and members of the Workers' Party administration towards the monetary authority. He stated that the independence of the Central Bank faced a test with the victory of a member of the Labor Party due to statements against tyranny and its president.

However, this new independence faced a test in the run-up to the Brazilian elections, which ended in intensification after the installation of Luiz Inacio Lula da Silva as president over Jair Bolsonaro. Lula criticized central bank policy, claiming that high interest rates were hurting the Brazilian economy.The post says.

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Lula, ministers and government officials criticize the interest rate and say the central bank took too long to lower the Selec. But other times, the president's criticisms were more personal. From June to August 2023, he said twice that Campos Neto did not understand anything about Brazil (in June and August) and that he should understand it. “no that it What is with you” From the state.

The PT member did not mention Campos Neto's name. Just talk “This citizen”.

The criticism continues. In recent days, Lula and the head of the Workers' Party, Rep Jesse HoffmanThey returned to talking about the head of the Central Bank.

The CEO said in an interview with SBT Broadcast on Monday (March 11) he contributed to “Delayed economic growth” From the state. Here is the statement: “This citizen, when he leaves the central bank, will have to measure what he did to this country, because what he is doing now contributes to delaying economic growth. “We have to be patient and hope no more of this nonsense happens.”.

Glessi said Campos Neto should end his term quietly for defending the municipality's financial independence — there is a proposed amendment to the constitution under discussion in the Senate that deals with precisely this. Read the complete from Resolution No. 65 of 2023 (PDF – 292 KB).

A February 2024 IMF (International Monetary Fund) survey shows that financial independence is a thing “Very important” For 74% of the 87 central banks consulted in the study.

Central Bank and Awards

The Brazilian Monetary Authority has already won several international awards:

  • Beacon of Innovation Award (October 2023) – PEX Award;
  • Best booking manager (March 2023) – 2023 Central Banking Awards recognizing management of more than US$300 billion in reserves during the pandemic;
  • The best website for central bank and risk management (February 2020) – Won in both Central Banking Awards categories.
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In 2022, Campos Neto was also elected Head of Central Banks at the Latin Finance Banks of the Year Awards.

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