The directors of BC speak of interest, the result of the bank’s autonomy, which still surprises the market

In an interview with Estadão, the institution’s Financial System and Resolution Organization director said there is no need to rush to cut the Selic rate

BRASÍLIA – The director of the organization and resolution of the financial system takes harsher tones Central bankRenato Dias Gomes, on the beginning of editing Selic rate surprised the market, but it is part of the institution’s strategy to position BC directors to position themselves publicly on the scenario of inflation AND commissions.

In an exclusive interview with Stadium/Broadcast, the director said the BC should not be in a hurry to cut interest rates, currently at 13.75% per annum.

With the BC’s autonomy, guaranteed by law, the councilors will continue to discuss these issues. A model more similar to that of the Federal Reserve (Fed), the central bank of the United States. All board members sit on the Monetary Policy Committee (Copom), regardless of which area of ​​the bank they command.

Until now, communication on interest rates and inflation was, more often than not, restricted to the BC president, Roberto Campos Neto, and directors with positions more related to monetary policy, such as the director of economic policy, international affairs and monetary policy. The last seat is now vacant and will be filled by the executive secretary of the finance ministry, Gabriel Galípolo – appointed by President Luiz Inácio Lula da Silva, a persistent critic of Copom.

Yesterday’s interview closed the Copom cycle within this public positioning strategy of all Copom members. Nothing more, according to Estadão/Broadcast. A counterpoint is not expected from Campos Neto, the main target of criticism of high interest rates. The directors will continue to say what they think. The evaluation is that the autonomy of the administrators towards the market has not yet been “seized”.

Directors Fernanda Guardado (International Affairs), Otávio Ribeiro Damaso (Regulation), Diogo Guillen (Politics, Economy and Interim Monetary Policy) and Maurício Moura (Relations) have already spoken about interest rates.

At the market, right after the interview went public, there was some strangeness with director Gomes’ speech, who had never given an interview until now. And even with the timing of the interview, on the eve of the quiet period, a week before the Copom meeting scheduled for 20 and 21 June.

To the reading circulated on the market that Gomes would have acted as a counterpoint to the less harsh affirmation of the president of the CB, who on the same day of the interview with the director of the Organization and resolution of the financial system reiterated that the movement in the forward rate market opens space for Selic reduction ahead. It would just be the realization of the mantra Campos Neto has been repeating lately: it’s just one vote out of nine in Copom.

Source: Terra

Rose

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