Bruno Serra Fernandes asked for his resignation as Director of Monetary Policy at the Central Bank.| Photo: Pedro França/Agência Senado.

The Central Bank (BC) communicated this Monday (27) the departure of the Director of Monetary Policy, Bruno Serra Fernandes. Fernandes’ mandate ended on February 28 and he continued as an interim in charge, but ended up asking for his resignation. “On behalf of the Central Bank, president Roberto Campos Neto thanks director Bruno Fernandes for the relevant services rendered to the Central Bank and the Collegiate Board”, says the note from the autarchy.

Fernandes’ dismissal, valid from March 23, was published in today’s edition of the Official Gazette (DOU), informed Agência Brasil. Now, it is up to President Luiz Inácio Lula da Silva (PT) to nominate the replacement. The chosen one must also go through a sabbath in the Senate. Earlier, Minister Alexandre Padilha, of Institutional Relations, stated that the Senate Economic Affairs Committee (CAE) is ready to analyze the president’s nominations.

The decision comes amid discussions about the basic interest rate, the Selic, and pressure from the federal government for its reduction. The directors and president of the BC are members of the Monetary Policy Committee (Copom), the body responsible for setting the Selic. Copom meets every 45 days and the next meeting is scheduled for May 2nd and 3rd.

The Collegiate Board of the Central Bank is made up of the president and eight directors. Pursuant to Complementary Law No. 179/2021, which established the autonomy of the Central Bank, the mandates are fixed and last for four years, and may be renewed only once.