Central Bank of Brazil

The Central Bank of Brazil (Portuguese: Banco Central do Brasil) is Brazil's central bank. It was established on Thursday, 31 December 1964, a New Year's Eve.

Central Bank of Brazil
Banco Central do Brasil



Headquarters
HeadquartersSBS, Quadra 03, Bloco B
Brasília, Federal District
Coordinates15°48′11″S 47°53′08″W
Established31 December 1964 (1964-12-31)
Ownership100% independent[1]
PresidentRoberto Campos Neto
Central bank ofBrazil
CurrencyBrazilian real
BRL (ISO 4217)
ReservesIncrease US$ 345.72 billion (April 2023)[2]
Interest rate target13.75%
Websitewww.bcb.gov.br
Brazilian bonds had an Inverted yield curve starting in August 2014 as part of the 2014 Brazilian economic crisis
  10 year bond
  5 year bond
  1 year bond

The bank is not linked to any ministry, currently being autonomous. Like other central banks, the Brazilian central bank is the principal monetary authority of the country. It received this authority when it was founded by three different institutions: the Bureau of Currency and Credit (SUMOC), the Banco do Brasil (BB), and the National Treasury.

One of the main instruments of Brazil's monetary policy is the Banco Central do Brasil's overnight rate, called the SELIC rate.[3] It is managed by Monetary Policy Committee (COPOM) of the bank.[4]

The bank is active in promoting financial inclusion policy and is a leading member of the Alliance for Financial Inclusion. It is also one of the original 17 regulatory institutions to make specific national commitments to financial inclusion under the Maya Declaration.[5] during the 2011 Global Policy Forum in Mexico.

Since 25 February 2021, it is independent from Federal Government.[6]

Independence of the Central Bank

On 3 November 2020, the bill of the Independence of Central Bank passed the Senate, by 56 votes to 12.[7][8]

And on 10 February 2021, in the Chamber of Deputies was approved by 339 votes in favor and 114 against without changes, going to President Jair Bolsonaro's sanction, generating the Federal Complementary Law No. 179 of 24 February 2021.[9][10]

With the Federal Complementary Law No. 179 of 24 February 2021, it became autonomous, in addition to gaining a new organizational structure.[11][12]

Presidents

The most recent presidents of the bank have been:[13]

  • Dênio Nogueira: 12 April 1965 – 21 March 1967
  • Rui Leme: 31 March 1967 – 12 February 1968 (resign)
  • Ary Burguer: 7 February 1968 – 21 February 1968 (acting)
  • Ernane Galvêas: 21 February 1968 – 15 March 1974
  • Paulo Lira: 15 March 1974 – 14 March 1979
  • Carlos Brandão: 15 March 1979 – 17 August 1979
  • Ernane Galvêas: 17 August 1979 – 18 January 1980
  • Carlos Langoni: 18 January 1980 – 5 September 1983
  • Affonso Pastore: 5 September 1983 – 14 March 1985
  • Antônio Lemgruber: 15 March 1985 – 28 August 1985
  • Fernão Bracher: 28 August 1985 – 11 February 1987
  • Francisco Gros: 11 February 1987 – 30 April 1987
  • Lycio de Faria: 30 April 1987 – 4 May 1987 (acting)
  • Fernando de Oliveira: 5 May 1987 – 9 March 1988
  • Elmo Camões: 9 March 1988 – 22 June 1989
  • Wadico Bucchi: 23 June 1989 – 14 March 1990 (acting)
  • Ibrahim Eris: 15 March 1990 – 17 May 1991
  • Francisco Gros: 17 May 1991 – 16 November 1992
  • Gustavo Loyola: 13 November 1992 – 29 March 1993
  • Paulo Ximenes: 26 March 1993 – 9 September 1993
  • Pedro Malan: 9 September 1993 – 31 December 1994
  • Gustavo Franco: 31 December 1994 – 11 January 1995 (acting)
  • Pérsio Arida: 11 January 1995 – 13 June 1995
  • Gustavo Loyola: 13 June 1995 – 20 August 1997
  • Gustavo Franco: 20 August 1997 – 4 March 1999
  • Arminio Fraga: 4 March 1999 – 1 January 2003
  • Henrique Meirelles: 1 January 2003 – 1 January 2011
  • Alexandre Tombini: 1 January 2011 – 9 June 2016
  • Ilan Goldfajn: 9 June 2016 – 28 February 2019
  • Roberto Campos Neto: 28 February 2019 – present

See also

Further reading

References
  1. Pooler, Michael; Harris, Bryan (11 February 2021). "Brazil passes law giving autonomy to central bank". Financial Times. Retrieved 21 September 2022.
  2. "Detalhamento do Gráfico - Reservas Internacionais". Banco Central do Brasil (in Portuguese). Retrieved 14 December 2022.
  3. Global, IndraStra. "The Central Bank of Brazil Maintains Selic Rate at 6.5%". IndraStra. ISSN 2381-3652.
  4. "Banco Central do Brasil". www.bcb.gov.br. Retrieved 2018-06-23.
  5. "Maya Declaration Urges Financial Inclusion for World's Unbanked Populations -- RIVIERA MAYA, Mexico, Sept. 30, 2011 /PRNewswire-USNewswire/ --". Archived from the original on 2011-10-04.
  6. "Autonomia do Banco Central é sancionada". Banco Central do Brasil (in Brazilian Portuguese). 25 February 2021. Retrieved 30 June 2022.
  7. "Autonomia do BC: Senado aprova PLP 19/2019 e matéria segue para a Câmara | SINAL - Sindicato Nacional dos Funcionários do Banco Central".
  8. "Senado aprova projeto de lei que dá autonomia ao Banco Central - Migalhas". 4 November 2020.
  9. "Câmara aprova projeto de autonomia do Banco Central por 339 votos a 114".
  10. "Câmara aprova texto-base da autonomia do Banco Central". 10 February 2021.
  11. "Bolsonaro sanciona lei que estabelece a autonomia do Banco Central; veja detalhes".
  12. "Bolsonaro sanciona projeto que dá autonomia ao Banco Central". 24 February 2021.
  13. Galeria de ex-presidentes do Banco Central do Brasil, BCB, Accessed 18 November 2018
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.