CMN holds first meeting in Lula’s government and inflation target remains unchanged

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The meeting generated expectations in recent days regarding the possibility of discussing the inflation target. But the goal for 2023 remains unchanged. Council approved Central Bank balance sheet, with a loss of BRL 298.5 billion in 2022 The National Monetary Council (CMN) made this Thursday (16) of inflation for 2023. But the target of 3.25% remains unchanged. ‘I wanted to catch up’, says Duailibi about Haddad not putting a review of the inflation target on the CMN’s agenda The expectation was due to criticism by President Luiz Inácio Lula da Silva of the Central Bank’s interest rate policy. The BC, autonomous from the federal government, has been maintaining the economy’s basic interest rate, the Selic, at 13.75%. For Lula, this level hinders the growth of the economy. The BC alleges that the rate at the current level is necessary to contain inflation. With that, it was commented in government circles that the CMN could make the target more flexible. The Minister of Finance, Fernando Haddad, had already announced during the week that the revision of the target would not be on the agenda of the CMN. In addition to Haddad, the president of the Central Bank, Roberto Campos Neto, and the Minister of Planning, Simone Tebet, also participated in the CMN meeting. At the meeting, the Central Bank’s balance sheet for the year 2022 was approved. The BC recorded a loss of R$ 298.5 billion.

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