Campos Neto defends the technical management and autonomy of the Central Bank

Speaking during the event Lead Brazil Conference, which takes place in London, the president of the Central Bank (BC), Roberto Campos Neto, once again defended the technical and non-political conduct of the BC, as well as the maintenance of the autonomy of the body, which is the target of attacks by President Lula (PT ) since the beginning of the mandate. Lula is seeking a forced reduction in the country’s interest rate, currently at 13.75%, while the BC president defends maintaining the rate in order to avoid an even greater increase in inflation.

Campos Neto’s statement made this Friday (21) is a response to the public demand this Thursday (20) by the President of the Senate and National Congress, Rodrigo Pacheco (PSD-MG), who asked for an “immediate reduction” of the interest rate in Brazil. On the occasion, the senator asked the BC president for “political sensitivity” to make Brazil grow.

“The Central Bank is a technical body, which makes decisions based on technical and transparent criteria. Technical timing is different from political timing, and that is why autonomy is important, to give society the guarantee that we have technical employees making technical decisions, without political bias”, declared Campos Neto.

With graphs, numbers and technical notes in order to corroborate the maintenance of the current interest rate in the country, the BC president stated that a possible omission by the body on the subject would be much more harmful to society than the increase in rates to combat the inflation. “The cost of fighting inflation is high, but the cost of not fighting inflation is much higher and perennial,” he said.