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Montevideo, May 22nd 2022 - 11:12 UTC

 

 

Brazilian Senate votes overwhelmingly in favor of Central bank autonomy

Friday, November 6th 2020 - 08:51 UTC
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Senators voted 56-12 in a remote session to pass the bill, which still needs to be voted on by the lower chamber of Congress Senators voted 56-12 in a remote session to pass the bill, which still needs to be voted on by the lower chamber of Congress

Brazil’s Senate voted overwhelmingly to approve a bill that would establish the autonomy of the central bank to reduce political interference in monetary policy and align the country with other major economies.

Senators voted 56-12 in a remote session to pass the bill, which still needs to be voted on by the lower chamber of Congress to deliver on a campaign promise by President Jair Bolsonaro.

Although Brazil’s central bank has administrative autonomy from the government, it is not fully independent. The bank’s governor is considered a member of the president’s cabinet of ministers.

The bill introduces conditions for appointing and firing bank directors, who will have fixed four-year terms that will no longer coincide with the country’s presidential term. At present, the board is renewed with each incoming government.

Categories: Economy, Politics, Brazil.

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