Senate committee approves invitation to Campos Neto to talk about interest rates

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The request was presented by the leader of the government in Congress, Randolfe Rodrigues. Attendance is not mandatory. Initially, the senator wanted to summon the president of the Central Bank. The president of the Central Bank, Roberto Campos Neto, during a session in the Senate Edilson Rodrigues/Agência Senado The Economic Affairs Committee (CAE) of the Senate approved this Tuesday (27) an invitation to the president of the Central Bank, Roberto Campos Neto, to that he provide clarification on the country’s basic interest rate. The board will still schedule a date for the holding of the hearing. As it is an invitation, Campos Neto is not required to attend the CAE. The request for an audience was proposed by the leader of the government in Congress, Senator Randolfe Rodrigues (non-AP party). Initially, Randolfe wanted to call up Campos Neto. However, after agreement at the CAE, the summons was transformed into an invitation. When a person is summoned by a committee, he is obliged to appear, otherwise he may suffer punishment. Randolfe criticizes interest rates and says that the Central Bank is ‘sabotaging Brazil’ Pressure The invitation to Campos Neto is yet another element in the pressure of government supporters on the president of the Central Bank. Lula and his allies have been calling for an interest rate cut. However, in a meeting last week, the Monetary Policy Committee (Copom), the BC’s collegiate body responsible for setting the Selic, decided to keep the rate at 13.75% – the highest level in over six and a half years. For government supporters, there are economic conditions for the reduction of basic interest rates. They claim that the rate, at a high level, has been an obstacle to the development of the country. Lula, for example, stated that Campos Neto is “playing against” the country’s economy. The Central Bank, in turn, has said that it operates in a technical manner and, to define the Selic, it considers aspects such as the country’s economic credibility and the evolution of inflation. According to the minutes of the last meeting, most Copom members believe that, as of August, it will be possible to cut interest rates.

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