Lula’s 1h30 conversation with Campos Neto was to ‘build a relationship’, says Haddad

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Minister of Finance said that new meetings are expected. Asked about the interest rate, he stated that no specific issue was addressed. Haddad comments on the meeting between Lula and Campos Neto President Luiz Inácio Lula da Silva and the president of the Central Bank, Roberto Campos Neto, had a closed-door conversation lasting approximately 1h30 this Wednesday (27). According to the Minister of Finance, Fernando Haddad, who also participated, the meeting served for the two to “build the relationship”. “In fact, I think it was an institutional meeting to build relationships, to agree on periodic conversations. [Foi] excellent”, said Haddad after the meeting. According to the minister, new meetings are expected. Asked whether Lula and Campos Neto had spoken about the basic interest rate, Haddad also said that no specific topic was discussed. “We didn’t talk about specific topics. The president [Lula] made clear the respect he has for the institution. The reciprocity was very good on Roberto’s part, it was a very high level conversation”, he said. Campos Neto says that the government must insist on fiscal targets even if it does not meet them The minister also stated that there was “no need” to work on mediation for the meeting between Lula and Campos Neto to take place. President Lula is critical of the level of the economy’s basic interest rate, the Selic — which affects other interest rates, such as loans and financing. Lula assumed the Presidency of the Republic with the rate at 13.75%, a level that the Monetary Policy Committee (Copom), a BC body chaired by Campos Neto and which defines the value of the rate, has maintained since August 2022. The first cut in the Selic took place at the beginning of August , of 0.5 percentage points, going to 13.25%. Last Thursday (20), the Copom made a cut of the same magnitude, with the rate going to 12.75%. Lula is the first president who does not was able to make changes to the BC board, including the presidency, due to the BC’s autonomy approved by Congress during the administration of former president Jair Bolsonaro (PL). Campos Neto, for example, has a mandate until 2024.

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