Banco_Central_do_Brasil

Central Bank of Brazil

Central Bank of Brazil

Monetary Authority of Brazil

The Central Bank of Brazil (Portuguese: Banco Central do Brasil) is Brazil's central bank, the bank is autonomous in exercising its functions, and its main objective is to achieve stability in the purchasing power of the national currency. It was established on Thursday, 31 December 1964.

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Brazilian bonds had an Inverted yield curve starting in August 2014 as part of the 2014 Brazilian economic crisis
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The bank is not linked to any ministry, currently being autonomous. Like other central banks, the Brazilian central bank is the principal monetary authority of the country. It received this authority when it was founded by three different institutions: the Bureau of Currency and Credit (SUMOC), the Bank of Brazil (BB), and the National Treasury.

One of the main instruments of Brazil's monetary policy is the Banco Central do Brasil's overnight rate, called the SELIC rate.[4] It is managed by Monetary Policy Committee (COPOM) of the bank.[5]

The bank is active in promoting financial inclusion policy and is a leading member of the Alliance for Financial Inclusion. It is also one of the original 17 regulatory institutions to make specific national commitments to financial inclusion under the Maya Declaration.[6] during the 2011 Global Policy Forum in Mexico.

Since 25 February 2021, it is independent from the Federal Government.[7]

Independence of the Central Bank

On 3 November 2020, the bill of the Independence of Central Bank passed the Senate, by 56 votes to 12.[8][9]

And on 10 February 2021, in the Chamber of Deputies was approved by 339 votes in favor and 114 against without changes, going to President Jair Bolsonaro's sanction, generating the Federal Complementary Law No. 179 of 24 February 2021.[10][11]

With the Federal Complementary Law No. 179 of 24 February 2021, it became autonomous, in addition to gaining a new organizational structure.[12][13]

Presidents

Appointed by the Executive

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Under Autonomous Election

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See also

Further reading

References

  1. [1]
    Pooler, Michael; Harris, Bryan (11 February 2021). "Brazil passes law giving autonomy to central bank". Financial Times. Retrieved 21 September 2022.
  2. [2]
    "Detalhamento do Gráfico – Reservas Internacionais". Banco Central do Brasil (in Brazilian Portuguese). Retrieved 8 November 2023.
  3. [3]
    Carlos, Rydlewski (20 March 2023). "Copom corta Selic pela 6ª vez e taxa vai a 10,75%, a menor em 2 anos". Metrópoles (in Brazilian Portuguese). Retrieved 20 March 2023.
  4. [4]
    Global, IndraStra. "The Central Bank of Brazil Maintains Selic Rate at 6.5%". IndraStra. ISSN 2381-3652.
  5. [5]
    "Banco Central do Brasil". bcb.gov.br. Retrieved 2018-06-23.
  6. [6]
    "Maya Declaration Urges Financial Inclusion for World's Unbanked Populations — RIVIERA MAYA, Mexico, Sept. 30, 2011 /PRNewswire-USNewswire/". Archived from the original on 2011-10-04.
  7. [7]
    "Autonomia do Banco Central é sancionada". Banco Central do Brasil (in Brazilian Portuguese). 25 February 2021. Retrieved 30 June 2022.
  8. [8]
    "Autonomia do BC: Senado aprova PLP 19/2019 e matéria segue para a Câmara | SINAL – Sindicato Nacional dos Funcionários do Banco Central".
  9. [9]
    "Senado aprova projeto de lei que dá autonomia ao Banco Central – Migalhas". 4 November 2020.
  10. [10]
    "Câmara aprova projeto de autonomia do Banco Central por 339 votos a 114". 10 February 2021.
  11. [11]
    "Câmara aprova texto-base da autonomia do Banco Central". 10 February 2021.
  12. [12]
    "Bolsonaro sanciona lei que estabelece a autonomia do Banco Central; veja detalhes". 24 February 2021.
  13. [13]
    "Bolsonaro sanciona projeto que dá autonomia ao Banco Central". 24 February 2021.
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