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Top related persons:
Fernando Haddad - 2 Haddad - 2 Marcela Ayres - 2 Luiz Inacio Lula da Silva - 2 Lula - 2 Gabriel Araujo - 2 Steven Grattan - 2 Roberto Campos Neto - 1
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BRASILIA Brasilia Brazil
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Thomson - 4 Monetary - 3 Finance - 2 SAO PAULO - 2 National Monetary Council - 1 Alexandra Hudson Our - 1 Radio Gaucha - 1 Planning - 1

Search resuls for: "National Monetary Council"


9 mentions found


☆ 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's Lula says inflation targets too 'rigid'
  + stars: | 2023-06-29 | by ( ) www.reuters.com   time to read: +1 min
SAO PAULO, June 29 (Reuters) - Brazilian President Luiz Inacio Lula da Silva said on Thursday the country's inflation targets were excessively rigid and renewed criticism of the central bank for high interest rates ahead of a meeting that will set its 2026 inflation goals. Lula's remarks came as financial markets closely watch the National Monetary Council's (CMN) meeting later in the day for potential changes on inflation targets, which are currently at 3.25% for 2023 and 3% for the next two years. "Personally I think Brazil should not have such a rigid inflation target if it cannot meet it," Lula said in an interview with Radio Gaucha. "But it's not prudent for me to talk about the monetary council ahead of its meeting." Lula previously hinted at potentially changing inflation targets to increase them and enable monetary policy easing, a move that ended up worsening expectations for consumer price changes.
Persons: Luiz Inacio Lula da Silva, Lula's, Lula, Gabriel Araujo, Steven Grattan Organizations: SAO PAULO, Monetary, Radio Gaucha, Thomson Locations: Brazil
☆ Brazil finance minister confirms 3% inflation target in 2024, backs tweaking time frame
  + stars: | 2023-06-29 | by ( ) www.reuters.com   time to read: +2 min
SAO PAULO, June 29 (Reuters) - Brazil's finance minister has confirmed the country's monetary council will keep next year's inflation target at 3%, but reiterated he expects the body to tweak the time frame used to assess the goal's fulfillment. Fernando Haddad's remarks in an interview with GloboNews aired late on Wednesday came as markets on Thursday closely watch the National Monetary Council's (CMN) meeting for potential changes on inflation targets. Inflation targets that have the calendar year as a time frame cause "unnecessary pressure," he said. The central bank currently targets inflation of 3.25% in 2023 and 3% in 2024 and 2025, with a tolerance margin of 1.5 percentage points up or down. Lula previously hinted at potentially changing inflation targets to increase them and enable monetary policy easing, a move that helped worsen expectations for consumer price changes.
Persons: Fernando Haddad's, GloboNews, Haddad, Luiz Inacio Lula da, Lula, Fabricio de Castro, Gabriel Araujo, Emelia Sithole Organizations: SAO PAULO, Monetary, Thomson
☆ Brazil central bank signals possibility of rate cut in August by majority view
  + stars: | 2023-06-27 | by ( ) www.reuters.com   time to read: +3 min
BRASILIA, June 27 (Reuters) - Brazil's central bank signaled on Tuesday that a majority of its policymakers see a possibility of initiating a "parsimonious" rate cut at its next meeting in August, provided that a more benign inflation scenario is consolidated, while a minority adopts a more cautious stance. Although it adopted a more moderate tone by excluding the possibility of rate hikes from its policy statement, the central bank refrained from signaling monetary easing at its next meeting in August last week, pointing instead to a data-dependent stance. The communication drew criticism from President Luiz Inacio Lula da Silva, ministers, and some market participants, who expected a notable shift in the bank's tone due to lower-than-expected inflation, a stronger currency, and easing inflation expectations. The central bank stressed in the minutes that inflation expectations declined slightly, but remain deanchored from official targets, partially due to the questioning about a possible change in future inflation targets, adding that "decisions that reanchor expectations can lead to faster disinflation." The National Monetary Council, consisting of the Finance Minister, Planning Minister, and central bank governor, will convene on Thursday to confirm the 3% inflation targets for 2024 and 2025, and set the official target for 2026.
Persons: Copom, Luiz Inacio Lula da Silva, Fernando Haddad, Marcela Ayres, Steven Grattan Organizations: Monetary, Finance, Planning, Thomson Locations: BRASILIA
☆ 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.
☆ Brazil's finance minister signals potential change to inflation target timeline
  + stars: | 2023-05-19 | by ( ) www.reuters.com   time to read: +1 min
BRASILIA, May 18 (Reuters) - Brazil's Finance Minister Fernando Haddad on Thursday suggested that the country's new government is looking at adjusting the timeline for achieving its inflation target. Haddad reiterated he favors "a continuous inflation target" rather than a calendar year-based target, saying Brazil and Turkey were the only two countries to use the latter. President Luiz Inacio Lula da Silva has advocated for higher inflation targets and a less stringent monetary policy. The central bank has cautioned that discussions about higher targets might have contributed to an increase in inflation expectations, helping keep interest rates high. The National Monetary Council, which comprises the finance minister, the planning minister and the central bank governor, is scheduled to convene in June to discuss inflation targets.
☆ Brazil's Haddad backs longer-term target for inflation, no talk of goal change
  + stars: | 2023-05-05 | by ( ) www.reuters.com   time to read: +2 min
BRASILIA, May 5 (Reuters) - Brazilian Finance Minister Fernando Haddad said on Friday that he favored taking a long-term view of inflation and that the central bank could begin cutting interest rates. He added, however, that the government could not pre-empt any decision on changing the inflation targets set by the National Monetary Council consisting of himself, the planning minister, and the central bank governor. "I think continuous inflation targeting is much better than looking at the calendar year," Haddad said in an interview with CBN radio. The central bank, meanwhile, has suggested the discussion may have raised inflation expectations, requiring interest rates to remain at 13.75%, the highest they have been in the current cycle. Haddad reiterated criticism of the central bank, saying the bank could already begin cutting rates.
☆ Brazil central bank grants Google Pay payment institution status
  + stars: | 2022-12-08 | by ( ) www.reuters.com   time to read: +1 min
SAO PAULO, Dec 8 (Reuters) - Alphabet's (GOOGL.O) Google Pay has received approval to operate as a payment institution in Brazil, Latin America's largest economy, the country's official gazette showed on Thursday, allowing it to initiate payment transactions. Payment initiators, according to Brazil's central bank, initiate a transaction ordered by the final user but never manage the payment account, nor hold the funds of the transactions. A press spokesperson for Google confirmed the central bank's authorization and said the move offered "more payment options to users through our platforms in Brazil." Google Pay currently operates an app serving as a virtual wallet, which allows the user to include their credit and debit cards, vaccination cards and concert tickets, for example. The approval comes days after Brazil's National Monetary Council also authorized fintechs to initiate payment transactions in the country.
☆ Brazil to allow credit fintechs to initiate payment transactions
  + stars: | 2022-11-25 | by ( ) www.reuters.com   time to read: 1 min
BRASILIA, Nov 25 (Reuters) - Brazil's National Monetary Council on Friday decided to allow credit fintechs to initiate payment transactions, the central bank said, a move that will in practice clear them to provide payment services to consumers and business establishments. Payment initiators, the central bank said in a statement, "initiate a transaction ordered by the final user but never manage the payment account, nor hold the funds of the transactions". Reporting by Isabel Versiani; Editing by Steven GrattanOur Standards: The Thomson Reuters Trust Principles.
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