At dinner with businessmen, Pacheco attacks Central Bank – 05/23/2023 – Panel SA

The President of the Senate, Rodrigo Pacheco, defended in dinner with businessmen in São Paulo this Monday (22) that the Central Bank reduce the basic interest rate, currently at 13.75% per annum.

“We have to ask the BC, with all the technical methods, nothing abrupt, something gradual, that can reduce the interest rate”, said Pacheco at an event by Esfera Brasil.

For him, the country may have a growth and wealth generation problem with the rate at this level.

“We are a country with so much wealth, with an exchange reserve of around U$$ 350 billion, which is managing to contain inflation, which is actually one of the lowest in the world today, has a reasonable debt/GDP ratio and a currency valued at around $5 USD.”

The dinner took place at the house of lawyer Nelson Wilians and brought together around 75 businessmen. Among the highlights are: Rubens Menin (MRV, Inter and CNN), Fábio Coelho (CEO of Google), Flávio Rocha (Grupo Guararapes and Riachuelo), Isaac Sidney (Febraban) and Carlos Santana (Tecnobank).

When saluting Pacheco at the meeting, Menin called the president of the Senate a guardian of the Republic.

“The interest of our president of the Senate, Rodrigo Pacheco, is Brazil before anything”, said Menin. “Perhaps not everyone here knows this, but he is a guardian of the Republic. All the episodes we’ve had there, the difficult ones we’ve been through recently, discreetly but effectively, our president of the Senate was there.”

The President of the Senate echoes the Lula government’s speech, which pressures BC President Roberto Campos Netto to reduce the Selic rate, on the grounds that he is acting with political motivation.

President Lula argues that there is no reason for the Selic to be so high if inflation is under control.

That speech has now gained traction in Congress. Before Pacheco, the mayor, Arthur Lira, also attacked the BC and its monetary policy in an event of Lide, by João Doria, which took place in the USA.

With Diego Felix

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