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☆ Watch CNBC's full interview with the Brazilian central bank governor
▼ + stars: | 2024-04-17 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with the Brazilian central bank governorRoberto Campos Neto, governor of the Central Bank of Brazil, speaks to CNBC's Karen Tso at the IMF Spring Meetings in Washington, D.C.

Persons: Roberto Campos Neto, Karen Tso Organizations: Central Bank of Locations: Brazilian, Central Bank of Brazil, Washington ,

☆ Brazil's Lula Attributes Key Interest Rate of 11.25% to Cenbank Chief's 'Stubbornness'
▼ + stars: | 2024-03-11 | by ( March | At P.M. | ) www.usnews.com time to read: 1 min

SAO PAULO (Reuters) - Brazil's President Luiz Inacio Lula da Silva said on Monday that there is no explanation for keeping the country's benchmark interest rate at the current 11.25% level apart from the "stubbornness" of central bank president Roberto Campos Neto.

Persons: Luiz Inacio Lula da Silva, Roberto Campos Neto Organizations: SAO PAULO, Reuters

Brazil's central bank Governor Roberto Campos Neto, speaks at the ReutersNEXT Newsmaker event in New York City, New York, U.S., November 9, 2023. REUTERS/Brendan McDermid Acquire Licensing RightsNEW YORK, Nov 9 (Reuters) - Brazil's central bank chief Roberto Campos Neto on Thursday said any change to the country's fiscal target would raise concerns, following comments by President Luiz Inacio Lula da Silva casting doubt on the government's vow to erase a budget deficit. Since then, Finance Minister Fernando Haddad has broadly reaffirmed Brazil's commitment to "fiscal balance," but lawmakers involved in next year's budget bill are hinting heavily that they aim to loosen the zero-deficit target. In Thursday's interview, Campos Neto highlighted that Brazil has approved important reforms since the COVID pandemic, including an overhaul on consumption taxes, which passed the Senate on Wednesday, but acknowledged the uncertainty on fiscal policy. "And that influences a lot of the variables that are important for us when you make decisions in monetary policy," he reinforced.

Persons: Roberto Campos Neto, Brendan McDermid, Luiz Inacio Lula da Silva, Campos Neto, Lula, Fernando Haddad, Rodrigo Campos, Dan Burns, Marcela Ayres, Mark Porter, Brad Haynes, Nick Macfie Organizations: REUTERS, Reuters NEXT, Finance, Thomson Locations: New York City , New York, U.S, New York, Brazil

☆ Brazil's central bank seeks tighter cryptocurrency regulation, brokerage oversight
▼ + stars: | 2023-09-27 | by ( ) www.reuters.com time to read: +1 min

BRASILIA, Sept 27 (Reuters) - Brazil's central bank governor Roberto Campos Neto on Wednesday said policymakers are aiming to tighten cryptocurrency regulation and subject brokerages to their supervision. Speaking during a hearing in Congress, Campos Neto emphasized regulators will scrutinize the backing of cryptocurrencies and associated activities, given the significant surge in cryptocurrency imports by Brazilians. Data released by the central bank this week revealed cryptocurrency imports jumped by 44.2% from January to August compared to the same period last year, totaling $7.4 billion. "We understand that a lot is connected to tax evasion or linked to illicit activities," he added. Campos Neto also mentioned the Brazilian central bank's digital currency DREX, initially slated for launch by the end of next year, is expected to play a role in the world of crypto assets in Brazil.

Persons: Roberto Campos Neto, Campos Neto, Marcela Ayres, Chris Reese Organizations: U.S ., Thomson Locations: BRASILIA, stablecoins, Brazil

☆ Brazil central bank kicks off rate cuts more aggressively than expected
▼ + stars: | 2023-08-02 | by ( Peter Frontini | ) www.reuters.com time to read: +3 min

The bank's rate-setting committee Copom cut its Selic policy rate to 13.25%, as just 10 of 46 economists surveyed by Reuters had anticipated. Although Wednesday's policy decision was closely divided, Copom's policy statement signaled a shared outlook to keep up the pace of rate cuts in coming months. Wednesday's rate decision reflected a split among board members, with five votes in favor of the 50-basis-point cut and four votes for a more modest 25-basis-point cut. Finance Minister Fernando Haddad had called for a rate cut of 50 basis points earlier on Wednesday. Brazil's inflation target is 3% for both years.

Persons: we'd, William Jackson, Luiz Inacio Lula da Silva's, Roberto Campos Neto, Lula, Campos Neto, Fernando Haddad, Haddad, Copom, Peter Frontini, Marcela Ayres, Brad Haynes, Diane Craft Organizations: SAO PAULO, Reuters, Capital Economic, Finance, Fitch, Carolina, Thomson Locations: Brazil

☆ Brazil cenbank chief signals he supports changing inflation target time frame
▼ + stars: | 2023-06-29 | by ( Marcela Ayres | ) www.reuters.com time to read: +2 min

BRASILIA, June 29 (Reuters) - Brazil's central bank chief Roberto Campos Neto indicated on Thursday he supports adopting a continuous time frame for the monetary authority to pursue inflation targets, ditching the current system of tracking a calendar year. His remarks came as Brazil's National Monetary Council (CMN), the country's top economic policy body, is scheduled to meet later on Thursday to set its 2026 inflation target. Haddad has publicly supported changing the time frame, arguing a longer-term approach provides more room to accommodate price shocks without requiring monetary tightening. Campos Neto also said at the press conference that policymakers do not think there was inconsistency between the statement and the minutes of their latest policy meeting. The central bank held interest rates at a cycle-high of 13.75% for the seventh consecutive policy meeting last week.

Persons: Roberto Campos Neto, Campos Neto, Fernando Haddad, Simone Tebet, Haddad, Marcela Ayres, Andrea Ricci, Alexandra Hudson Organizations: National Monetary Council, Finance, Alexandra Hudson Our, Thomson Locations: BRASILIA, Brasilia

☆ Brazil inflation slows down as c.bank foresees August rate cut
▼ + stars: | 2023-06-27 | by ( ) www.reuters.com time to read: +1 min

In Latin America's largest economy, 12-month inflation reached 3.40% in mid-June, data from statistics agency IBGE showed on Tuesday, slightly above market expectations of 3.36% but still the lowest since September 2020. The latest figure, showing a deceleration from 4.07% in May, comes as the local central bank said that a majority of its monetary policy committee sees a rate cut in August as possible if the ongoing disinflation process continues. Brazil's IPCA-15 consumer price index, IBGE data showed, rose 0.04% in the month to mid-June, down from 0.51% in the previous month. The index had been expected to fall 0.01%, according to the median forecast in a Reuters poll. Reporting by Gabriel Araujo; Editing by Steven GrattanOur Standards: The Thomson Reuters Trust Principles.

Persons: Luiz Inacio Lula da Silva, Roberto Campos Neto, Brazil's, Gabriel Araujo, Steven Grattan Organizations: SAO PAULO, IBGE, Thomson Locations: Brazil

☆ Brazil's central bank chief opposes creation of common currency
▼ + stars: | 2023-06-02 | by ( ) www.reuters.com time to read: +2 min

BRASILIA, June 2 (Reuters) - Brazil's central bank chief Roberto Campos Neto expressed his opposition on Friday to the creation of a common currency, stating that in the era of digitalization it is unnecessary to have a shared currency for its purported benefits. Campos Neto emphasized the potential power of digital solutions in providing effective alternatives. Specifically addressing the proposal of a common currency between Brazil and Argentina, which has also been previously mentioned by the government, he reiterated his opposition. "We should have a 'digital' minister, someone should be thinking about digital solutions," he added. He defended that Brazil's CBDB is much easier to regulate than other forms of CBDCs since tokenized bank deposits will be subject to the same regulations that govern traditional deposits.

Persons: Roberto Campos Neto, Luiz Inacio Lula da, Campos Neto, Marcela Ayres, Chizu Organizations: Valor Capital, Thomson Locations: BRASILIA, Brazil, Argentina

☆ Brazil lifts 2023 growth outlook thanks to booming farm sector
▼ + stars: | 2023-06-01 | by ( Marcela Ayres | ) www.reuters.com time to read: +3 min

BRASILIA, June 1 (Reuters) - Brazil's economy rebounded more than expected in the first quarter, powered by a booming farm sector and paving the way for a rosier annual outlook despite a drag from high interest rates. Gross domestic product (GDP) expanded by 1.9% in the three months through March after a revised 0.1% drop in the prior quarter, data from government statistics agency IBGE showed on Thursday. The Brazilian real strengthened 0.5% against the U.S. dollar and the benchmark Bovespa stock index (.BVSP) rose 0.6%. Goldman Sachs adjusted its 2023 GDP growth forecast to 2.6% from 1.75% after the first-quarter data, citing the additional help of net exports and inventory accumulation. XP economists indicated an upward revision of their current 1.4% growth outlook, forecasting market expectations to keep rising to the range of 2.0% to 2.5%.

Persons: Simone Tebet, Goldman Sachs, Luiz Inacio Lula da Silva, Lucas Toro, Toro Investimentos, Roberto Campos Neto, Marcela Ayres, Bernardo Caram, Brad Haynes, Steven Grattan, Sriraj Organizations: Gross, IBGE, U.S ., Finance Ministry, Thomson Locations: BRASILIA, Brazilian

☆ Brazil's Haddad argues country is ready for interest rate cuts
▼ + stars: | 2023-05-26 | by ( ) www.reuters.com time to read: +2 min

SAO PAULO, May 26 (Reuters) - Brazil Finance Minister Fernando Haddad on Friday said the country is about to enter a downward cycle of interest rates, pointing out that inflation is "more behaved." "We are about to.. have a downward cycle of interest rates. "Long-term interest rates are falling. The monetary authority has held Brazil's benchmark interest rate at 13.75% since September. Central bank chief Roberto Campos Neto has ruled out imminent cuts.

"Inflation expectations are still very high," Campos Neto told a seminar hosted by newspaper Folha de S.Paulo on Monday, highlighting elevated long-term forecasts as particularly problematic. "Long-term forecasts remained little changed," the central bank chief said. "And we have a problem that are long-term inflation expectations persistently stuck around 4%". In the minutes of its May meeting, the central bank expressed concerns about inflation expectations, saying it continued "to assess that de-anchored expectations raise the cost of bringing inflation back to the target". Campos Neto acknowledged that headline inflation has been slowing down in Brazil, but noted that the core index remains "high" and "well above target".

The country's IPCA-15 inflation index eased to a 30-month low of 4.16% from 5.36% in the previous month, government statistics agency IBGE said on Wednesday, coming in below market consensus of 4.20% in a Reuters poll of economists. The latest data comes a day after central bank Governor Roberto Campos Neto ruled out an imminent interest rate cut, saying in a Senate hearing that the current rate was appropriate to address inflation concerns. "Will RCN and his team wait for current inflation to reach 3% before starting to cut interest rates?" William Jackson, Capital Economics' chief emerging markets economist, said he doubts policymakers will pivot to interest rate cuts imminently, considering that core inflation remains strong and the central bank has been striking a hawkish tone. "All told, the inflation picture continues to improve in Brazil," Pantheon Macroeconomics' chief Latin America economist Andres Abadia said.

☆ Brazil inflation seen staying high in March on rising gasoline costs
▼ + stars: | 2023-04-10 | by ( Gabriel Burin | ) www.reuters.com time to read: +2 min

April 10 (Reuters) - Brazil's inflation likely stayed high in March on rising gasoline bills, reigniting cost of living problems in the country's stagnant economy and probably stoking more disagreement over policy, a Reuters poll showed. Consumer prices cooled in the second half of 2022 in reaction to an aggressive tightening campaign by the central bank. But inflation pressures reemerged after President Luiz Inacio Lula da Silva took office at the start of this year. This would stand very close to the 0.84% rate in February, which had been the quickest in 10 months. A 0.77% inflation rate in March would result in a cumulative 2.2% clip in the first quarter, well on course to surpass this year's goal of 3.25% with a margin of 1.5 percentage points.

☆ Brazil's monetary policy director leaves office amid government uncertainty over replacement
▼ + stars: | 2023-03-27 | by ( ) www.reuters.com time to read: +2 min

The central bank stated in a note that Serra's departure follows the end of his term on Feb. 28. The day after Serra's departure, the director of Economic Policy, Diogo Guillen, began temporarily accumulating his function, a common practice at the central bank until substitutions are made. Supervision director Paulo Souza, whose term also expired at the end of February, remains in his current position. Under a 2021 law granting formal autonomy to the central bank, Governor Roberto Campos Neto will remain in office until December 2024. Lula, who has criticized Campos Neto and the central bank for keeping interest rates high to combat inflation, will eventually replace all nine members of the bank's board, which decides monetary policy.

☆ Debate grows among Lula's team over Brazil fuel tax policy
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: +3 min

Former far-right Jair Bolsonaro unveiled the fuel tax cut last year as he sought to ease inflation and win over voters ahead of the election which he eventually lost to Lula. Since Lula's victory, debate has raged within his Workers Party (PT) over what to do with the costly and popular measure. Tensions are now mounting over whether to extend further the gasoline and ethanol tax waiver. In a series of Twitter posts, Congresswoman Gleisi Hoffmann, president of Lula's Workers Party (PT), said fuel taxes should only resume once state-run oil giant Petrobras (PETR4.SA) defines a new pricing policy. Vice-President Geraldo Alckmin said on Friday the government had not yet made a decision on fuel taxes.

☆ Lula's latest attack on Brazil's central bank weighs on markets
▼ + stars: | 2023-02-03 | by ( Marcela Ayres | ) www.reuters.com time to read: +3 min

Lula resumed an offensive agains the central bank in a Thursday TV interview in which he suggested a review of the institution's formal autonomy by the time bank chief Roberto Campos Neto ends his term in December 2024. Those remarks came a day after the central bank signaled it could hold interest rates at a six-year high for longer than markets expect due to fiscal risks under Lula. Brazil's interest rate futures also rose more than 1% in both short and long maturities. Analysts said Lula's comments were weighing on asset prices, with no truce in sight since the leftist president reiterated that "the interest rate issue" is on the agenda. Vitoria acknowledged Brazil has the highest real interest rate in the world.

☆ Brazil's 2022 inflation slows sharply, misses government target
▼ + stars: | 2023-01-10 | by ( Marcela Ayres | ) www.reuters.com time to read: +3 min

Central bank chief Roberto Campos Neto is legally required to publish a letter justifying the inflation target miss. It will be released on Tuesday, according to the central bank. That will give the central bank "more cause to delay the start of its easing cycle," Jackson said. According to IBGE, inflation last year was mainly impacted by the increased costs of food and beverages (+11.64%) and health and personal care items (+11.43%). State-run oil giant Petrobras (PETR4.SA) contributed to the disinflationary trend, adopting a series of price cuts when international oil prices settled.

Far from ignoring Lula's challenges to control the risks of this institutional shock, investors and analysts said however that the focus remains on fiscal issues when assessing the new government in the long term. If the new parameters are considered weak by the market, it could renew fears of fiscal dominance and prevent the BCB from easing." Discussions of the new fiscal framework are key under Lula's administration, after policymakers have highlighted inflationary risks arising from leftist President-elect's 168 billion reais ($32 billion) spending proposal to meet campaign promises. "The unsettled and deeply divided political environment and related high social tension keeps risk premia high and could undermine overall governability." (.JPMEGDBRAR)A mobilized opposition with the "potential to turn violent" is the main conclusion from Sunday's protests for the political risk advisory Eurasia Group.

☆ Brazil's spending package affecting inflation expectations, says central bank
▼ + stars: | 2022-12-15 | by ( ) www.reuters.com time to read: +2 min

BRASILIA, Dec 15 (Reuters) - Brazil's central bank already believes a recently proposed spending package is partly affecting closely watched inflation expectations, said the bank's chief Roberto Campos Neto on Thursday. We see it in implicit inflation and in the structure of long-term interest rates and, when that happens, expectations are always contaminated," he said, adding long-term inflation expectations were in part affected. For its current inflation projections, the central bank has considered a fiscal expansion of 130 billion reais next year extracted from market estimates, said Campos Neto. The central bank held interest rates at 13.75% this month, after a September pause to an aggressive tightening that lifted rates from a 2% record low in March 2021 to battle inflation. Campos Neto pointed out that coordination between fiscal and monetary policies is "very important," and the central bank needs proper conditions to lower rates.

☆ Brazil is not out of the woods on inflation amid fiscal concerns, says cenbank chief
▼ + stars: | 2022-11-18 | by ( ) www.reuters.com time to read: 1 min

BRASILIA, Nov 18 (Reuters) - Brazil is not out of the wood on inflation and policymakers still see work to be done, said central bank chief Roberto Campos Neto on Friday, stressing that fiscal concerns are affecting market expectations for monetary easing. Speaking at an event hosted by Bloomberg, he said the central bank does not handle fiscal policy but takes it as an input. Still, it is very important to have coordination between fiscal and monetary policies at this stage of the cycle, he added. Reporting by Marcela Ayres; Editing by Steven GrattanOur Standards: The Thomson Reuters Trust Principles.

That would surpass the October 2020 peak of 89% in the central bank series dating back to 2006. "It reduces the degree of freedom for the central bank to manage monetary policy," said Ramos. Brazil's central bank has held interest rates at 13.75% since August, after 12 straight hikes that lifted rates from a 2% record low in March 2021. Lula campaigned openly against the constitutional spending cap that limits spending growth to inflation. The proposal also removes some public investments from the cap, opening space for another 23 billion reais in public spending next year.

☆ Brazil cenbank chief says fiscal prudence central to inflation aims
▼ + stars: | 2022-11-11 | by ( Hernan Nessi | Nidhi Verma | ) www.reuters.com time to read: +2 min

BRASILIA, Nov 11 (Reuters) - Brazil's central bank chief Roberto Campos Neto emphatically defended the need for fiscal balance on Friday, following statements by leftist President-elect Luiz Inacio Lula da Silva that soured the markets by downplaying the issue's importance. In Britain, for example, former Prime Minister Liz Truss resigned after markets shunned her plans for major unfunded tax cuts. "I don't know if there was a Liz Truss moment for Brazil (yesterday), but it was a clear demonstration of the markets' sensitivity to the fiscal issue," said Campos Neto. He said the central bank's autonomy would pass "an important test" but believed in the continuity of that status under Lula's future administration. Campos Neto also stressed that the bank's policymakers are open to participating in the transition government.

Investors have called for Lula to restore firm rules for public spending after major outlays by outgoing President Jair Bolsonaro through the pandemic and election campaign. Instead, Lula is pushing to dismantle old budget rules to ramp up social spending. Senator Simone Tebet, of the centrist Brazilian Democratic Movement party (MDB), said the economy minister should be his first cabinet pick to make clear what his policies are going to be affecting the economy. "An economy minister is needed to explain the president's political thought," she told reporters. The rout made clear that many investors want to see more clarity over ministerial appointments and how Lula aims to stabilize Brazil's public finances.

☆ Brazil central bank holds interest rates, eyes moderating growth
▼ + stars: | 2022-10-26 | by ( Marcela Ayres | ) www.reuters.com time to read: +3 min

BRASILIA, Oct 26 (Reuters) - Brazil's central bank on Wednesday held interest rates at a nearly six-year high for the second policy meeting in a row, noting that economic growth seems to be slowing but inflation remains high. In their statement of Wednesday's rate decision, Copom said indicators since their September meeting suggested "more moderate" economic growth in Brazil, but consumer inflation remains "high." In one of the few changes to the statement, the central bank indicated that 2023 and 2024 are now equally weighted on its policy horizon. Policymakers held their inflation outlook for this year unchanged at 5.8%, but raised their forecast for next year to 4.8%, from 4.6% last month, compared to a 3.25% target. After a law established the formal autonomy of the central bank last year, central bank chief Roberto Campos Neto is set to serve out his term through 2024, regardless of the election's result.

☆ Brazil to nominate ex-central bank governor Goldfajn to run the Inter-American Development Bank
▼ + stars: | 2022-10-16 | by ( Marcela Ayres | ) www.reuters.com time to read: +2 min

BRASILIA, Oct 16 (Reuters) - Brazil plans to nominate former central bank governor Ilan Goldfajn to head the Inter-American Development Bank (IDB), a person familiar with the matter said on Sunday, as Latin America's largest economy seeks to secure its first presidency of the institution. The development bank will elect its next president on Nov. 20 after the ouster of Mauricio Claver-Carone in an ethics scandal. Currently head of the International Monetary Fund's Western Hemisphere department, Goldfajn led Brazil’s central bank under former President Michel Temer, before handing the reins to current chief Roberto Campos Neto in February 2019. Under Goldfajn’s tenure, the central bank began developing its Pix instant payment platform, which was launched under Campos Neto. After leaving the central bank, Goldfajn chaired the board of Credit Suisse in Brazil before joining the IMF.

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