Roberto Campos Neto may have to go to the Senate to give explanations about maintaining the Selic interest rate at 13.75%.| Photo: José Cruz/Agência Brasil

The senators who make up the Senate Economic Affairs Committee (CAE) vote this Tuesday (14) on an invitation request for the president of the Central Bank, Roberto Campos Neto, to give explanations about maintaining the basic interest rate at 13.75 %. The session is scheduled for 9 am.

The high Selic has been generating friction between the government and the monetary authority since the beginning of the year, with criticism of the expectation that the Monetary Policy Committee (Copom) should not start reducing the rate in the short term. Senator Vandelan Cardoso (PSD-GO), author of the request, says that the heating up of the economy depends on the drop in the rate.

“When the Selic rate is low, consumption is encouraged and the economy tends to warm up. That is, people consume more. The current level of the basic interest rate has generated a lot of debate in the economic area about the Central Bank’s obligation to reduce this index”, says the senator in the application (see in full).

The date for the session with Campos Neto has not yet been set.