Finance Minister Fernando Haddad.| Photo: Washington Costa/MF.

The Minister of Finance, Fernando Haddad, and the President of the Central Bank, Roberto Campos Neto, met this Monday (3) for the first time since the BC decided to keep the Selic, the basic interest rate, at 13.75 % per year. The minister stated that several topics were addressed and that the meeting was “very good”.

“It was a routine meeting in which we talk about various topics, align information, exchange information and establish some protocols on how to forward things. It was very good, we talked about everything, there was no specific agenda”, said Haddad to journalists at office of the folder, where the meeting took place, informed the UOL portal. Furthermore, this was the first meeting after Haddad presented the new fiscal framework, a rule that will replace the spending ceiling.

On March 22, despite pressure from members of the government, the BC’s Monetary Policy Committee (Copom) decided to maintain the Selic level. Earlier, Haddad said in an interview with GloboNews that there is room for interest rate cuts. “In my opinion, there is room for cuts. When will this cut be? I don’t know, I’m not in there. There is enough room for cuts to ensure that the Brazilian economy restabilizes,” said the minister.