PSOL submits request to the Chamber of Deputies for Roberto Campos Neto to explain interest rate policy.
The party also made a proposal to revoke the autonomy of the Central Bank.
247 - The PSOL party filed a request inviting the president of the Central Bank (BC), Roberto Campos Neto, to speak about the monetary policy implemented by the institution. The party also made a proposal to revoke the BC's autonomy.
This week, President Luiz Inácio Lula da Silva (PT) criticized the interest rate hike in BrazilThe Selic rate has been at 13,75% since August 3rd. On February 1st, the Monetary Policy Committee (Copom) of the Central Bank maintained the percentage.
According to CNN BrazilThe PSOL party requested "the appearance of the Honorable President of the Central Bank of Brazil (BACEN), Mr. Roberto Campos Neto, regarding the error that led to the revision of the contracted import exchange rate series for the period from October 2021 to December 2022, in addition to providing explanations about monetary policy and financial stability in light of the need for job creation and socio-environmental development, among other issues related to his management at the head of BACEN."
"According to information from the Central Bank of Brazil (BACEN), the error altered the accounting of foreign exchange flows in the last months of 2021, causing the total value of imports to increase from US$215,4 billion to US$217,2 billion. All months of 2022 were affected, increasing imports from US$238,1 billion to US$250,90 billion. Consequently, the foreign exchange flow showed an accounting error of more than US$1 billion per month."
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