Campos Neto broke the vote and defined a higher interest rate cut

Target of attacks by President Luiz Inácio Lula da Silva (PT) since the beginning of the government, the president of the Central Bank, Roberto Campos Neto, gave the decisive vote that determined the fall of 0.5 percentage point in the basic interest rate.

Earlier this Wednesday evening (2nd), the Monetary Policy Committee (Copom) lowered the Selic rate from 13.75% to 13.25% per annum in a tight vote.

Four BC directors defended a smaller cut, of 0.25 percentage points, and another four were in favor of a reduction of 0.50 points. Last to vote, Campos Neto broke the tie and determined the biggest cut.

Hours before the decision, Lula had again criticized the BC president. “Brazil now has the highest real interest rate in the world. Without any explanation,” said the president at a breakfast with foreign press correspondents at the Planalto Palace.

“It so happens that this guy who is at the Central Bank, it seems to me that he, I don’t know what he understands, but he doesn’t understand Brazil and he doesn’t understand the people”, he added.