Campos Neto says he has no favorite candidate for his succession – 04/05/2024 – Market

The president of the Central Bank, Roberto Campos Neto, stated this Friday (5) that he has no favorites for his succession as president of the Central Bank, a position he will leave at the end of this year.

“I don’t have any candidate, I shouldn’t give an opinion on any type of candidate”, he said at an innovation seminar by Lide (Business Leaders Group), which takes place in São Paulo.

The discussion about who will occupy the presidency of the authority has intensified, after Campos Neto asked the Minister of Finance, Fernando Haddad (PT), that the federal government choose the next president of the BC between October and November, so that there is enough time to the nominee will be heard in Congress before the year-end recess.

This week, the BC president once again defended at another event that the start of the autarchy’s succession process take place before the end of his term, which occurs on December 31st.

Behind the scenes, the name of Gabriel Galípolo, current director of Monetary Policy at the monetary authority, is circulating as Campos Neto’s successor in the position. Galípolo was once executive secretary of the Treasury, but was soon taken to the BC to replace Bruno Serra on the board.

Campos Neto also denied that he is considering opening a fintech in Miami after leaving the municipality. “It’s fake news, I don’t have any thoughts in my head about doing any fintech tomorrow. I don’t know where that came from,” he said, laughing.

OPEN FINANCE GENERATES SAVINGS OF R$6.4 MILLION

During a presentation on the digitalization of payment methods, digital currencies and open finance, Campos Neto highlighted that the open banking system (open finance) has already allowed savings of R$6.4 million in overdraft interest in Brazil.

According to him, the Brazilian open finance model — a system for sharing customer information between financial institutions — has established itself as a global reference and there are already a series of examples of positive impacts among customers.

“We had R$1 billion in credit through portability from a large state bank; R$700 million in limit increases that were made via open finance; R$6.4 million in savings in special check interest through an offer via open finance platforms”, highlighted Campos Neto.

According to the BC president, this system has also allowed 1.4 million customers to be alerted that they had funds stopped in their account. Furthermore, the system allowed a reduction from 32 hours to 2 hours and 10 minutes in the process of opening an account in institutions.

In his presentation, Campos Neto also pointed out that open finance already records more than 42 million consents for data sharing, with more than 800 institutions participating in the system.

With Reuters