Central Bank of Brazil

Last updated
Central Bank of Brazil
Banco Central do Brasil
Banco Central Do Brasil.svg
Edificio sede do Banco Central do Brasil (16011635094).jpg
Headquarters
HeadquartersSBS, Quadra 03, Bloco B
Brasília, Federal District
Coordinates 15°48′11″S47°53′08″W / 15.80306°S 47.88556°W / -15.80306; -47.88556
Established31 December 1964(59 years ago) (1964-12-31)
Ownership100% independent [1]
President Roberto Campos Neto
Central bank of Brazil
Currency Brazilian real
BRL (ISO 4217)
ReservesDecrease2.svg US$ 340.25 billion (October 2023) [2]
Interest rate target11.75% [3]
Website www.bcb.gov.br
Brazilian bonds had an Inverted yield curve starting in August 2014 as part of the 2014 Brazilian economic crisis
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1 year bond Brazilian bonds.webp
Brazilian bonds had an Inverted yield curve starting in August 2014 as part of the 2014 Brazilian economic crisis
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The Central Bank of Brazil (Portuguese : Banco Central do Brasil) is Brazil's central bank, the bank is autonomous in exercising its functions, and its main objective is to achieve stability in the purchasing power of the national currency. It was established on Thursday, 31 December 1964.

Contents

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 Bank of Brazil (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. [4] It is managed by Monetary Policy Committee (COPOM) of the bank. [5]

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. [6] during the 2011 Global Policy Forum in Mexico.

Since 25 February 2021, it is independent from the Federal Government. [7]

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. [8] [9]

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. [10] [11]

With the Federal Complementary Law No. 179 of 24 February 2021, it became autonomous, in addition to gaining a new organizational structure. [12] [13]

Presidents

Appointed by the Executive

No.PortraitPresidentTook officeLeft officeTime in officeAppointed by
1
No image.png
Dênio Chagas Nogueira
(1920–1997)
12 April 1965 (1965-04-12)21 March 1967 (1967-03-21)1 year, 343 days Castelo Branco
2
Rui Aguiar da Silva Leme, Presidente do Banco Central do Brasil.tif
Rui Aguiar da Silva Leme
(1925–1997)
31 March 1967 (1967-03-31)12 February 1968 (1968-02-12)318 days Costa e Silva
No image.png
Ary Burger
(1921–2010)
Acting
12 February 1968 (1968-02-12)20 February 1968 (1968-02-20)8 days Costa e Silva
3
Ernane Galveas, Ministro da Fazenda..tif
Ernane Galvêas
(1922–2022)
20 February 1968 (1968-02-20)15 March 1974 (1974-03-15)6 years, 23 days Costa e Silva
4
No image.png
Paulo Hortêncio Pereira Lima
(born 1930)
15 March 1974 (1974-03-15)15 March 1979 (1979-03-15)5 years, 0 days Ernesto Geisel
5
No image.png
Carlos Brandão
(1928–2016)
15 March 1979 (1979-03-15)17 August 1979 (1979-08-17)155 days João Figueiredo
6
Ernane Galveas, Ministro da Fazenda..tif
Ernane Galvêas
(1922–2022)
17 August 1979 (1979-08-17)18 January 1980 (1980-01-18)154 days João Figueiredo
7
No image.png
Carlos Geraldo Langoni
(1944–2021)
18 January 1980 (1980-01-18)5 September 1983 (1983-09-05)3 years, 230 days João Figueiredo
8
No image.png
Affonso Celso Pastore
(1939–2024)
5 September 1983 (1983-09-05)15 March 1985 (1985-03-15)1 year, 191 days João Figueiredo
9
No image.png
Antônio Carlos Lemgruber
(1947–2011)
15 March 1985 (1985-03-15)28 August 1985 (1985-08-28)166 days José Sarney
10
No image.png
Fernando Carlos Bracher
(1935–2019)
28 August 1985 (1985-08-28)11 February 1987 (1987-02-11)1 year, 167 days José Sarney
11
No image.png
Francisco Gros
(1942–2010)
11 February 1987 (1987-02-11)30 April 1987 (1987-04-30)78 days José Sarney
No image.png
Lycio de Faria
(born 1929)
Acting
30 April 1987 (1987-04-30)4 May 1987 (1987-05-04)4 days José Sarney
12
No image.png
Fernando Milliet
(born 1942)
4 May 1987 (1987-05-04)9 March 1988 (1988-03-09)310 days José Sarney
13
Elmo Camoes.png
Elmo de Araújo Camões
(1927–2022)
9 March 1988 (1988-03-09)22 June 1989 (1989-06-22)1 year, 105 days José Sarney
14
No image.png
Wadico Waldir Bucchi
(born 1951)
22 June 1989 (1989-06-22)15 March 1990 (1990-03-15)266 days José Sarney
15
No image.png
Ibrahim Eris
(born 1944)
15 March 1990 (1990-03-15)17 May 1991 (1991-05-17)1 year, 63 days Fernando Collor de Mello
16
No image.png
Francisco Gros
(1942–2010)
17 May 1991 (1991-05-17)13 November 1992 (1992-11-13)1 year, 180 days Fernando Collor
17
Gustavo Loyola em seminario.jpg
Gustavo Loyola
(born 1952)
13 November 1992 (1992-11-13)29 March 1993 (1993-03-29)136 days Itamar Franco
18
No image.png
Paulo César Ximenes
(born 1943)
29 March 1993 (1993-03-29)9 September 1993 (1993-09-09)164 days Itamar Franco
19
Min Pedro Malan.jpg
Pedro Malan
(born 1943)
9 September 1993 (1993-09-09)1 January 1995 (1995-01-01)1 year, 114 days Itamar Franco
Gustavo Franco 2015.jpg
Gustavo Franco
(born 1956)
Acting
1 January 1995 (1995-01-01)11 January 1995 (1995-01-11)10 days Fernando Henrique Cardoso
20
Persio Arida.jpg
Pérsio Arida
(born 1952)
11 January 1995 (1995-01-11)13 June 1995 (1995-06-13)153 days Fernando Henrique Cardoso
21
Gustavo Loyola em seminario.jpg
Gustavo Loyola
(born 1952)
13 June 1995 (1995-06-13)20 August 1997 (1997-08-20)2 years, 68 days Fernando Henrique Cardoso
22
Gustavo Franco 2015.jpg
Gustavo Franco
(born 1956)
20 August 1997 (1997-08-20)4 March 1999 (1999-03-04)1 year, 196 days Fernando Henrique Cardoso
23
Arminio Fraga Neto, World Economic Forum on Latin America 2009 cropped.jpg
Armínio Fraga
(born 1957)
4 March 1999 (1999-03-04)1 January 2003 (2003-01-01)3 years, 303 days Fernando Henrique Cardoso
24
Henrique Meirelles, Presidente do Banco Central.png
Henrique Meirelles
(born 1945)
1 January 2003 (2003-01-01)1 January 2011 (2011-01-01)8 years, 0 days Luiz Inácio Lula da Silva
25
Alexandre tombini bacen.jpg
Alexandre Tombini
(born 1963)
1 January 2011 (2011-01-01)9 June 2016 (2016-06-09)5 years, 160 days Dilma Rousseff
26
Ilan Goldfajn.jpg
Ilan Goldfajn
(born 1966)
9 June 2016 (2016-06-09)27 February 2019 (2019-02-27)2 years, 263 days Michel Temer
27
Roberto Campos Neto (cropped).jpg
Roberto Campos Neto
(born 1969)
28 February 2019 (2019-02-28)1 January 2021 (2021-01-01)1 year, 308 days Jair Bolsonaro

Under Autonomous Election

No.PortraitPresidentTook officeLeft officeTime in officeElected during
27
Roberto Campos Neto (cropped).jpg
Roberto Campos Neto
(born 1969)
1 January 2021 (2021-01-01)Incumbent3 years, 65 days Jair Bolsonaro

See also

Further reading

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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 Brazilian Portuguese). Retrieved 8 November 2023.
  3. Saringer, Giuliana (13 December 2023). "BC reduz taxa de juros em 0,5 ponto percentual, e Selic cai para 11,75%". UOL Economia (in Brazilian Portuguese). Retrieved 13 December 2023.
  4. Global, IndraStra. "The Central Bank of Brazil Maintains Selic Rate at 6.5%". IndraStra. ISSN   2381-3652.
  5. "Banco Central do Brasil". bcb.gov.br. Retrieved 2018-06-23.
  6. "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.
  7. "Autonomia do Banco Central é sancionada". Banco Central do Brasil (in Brazilian Portuguese). 25 February 2021. Retrieved 30 June 2022.
  8. "Autonomia do BC: Senado aprova PLP 19/2019 e matéria segue para a Câmara | SINAL – Sindicato Nacional dos Funcionários do Banco Central".
  9. "Senado aprova projeto de lei que dá autonomia ao Banco Central – Migalhas". 4 November 2020.
  10. "Câmara aprova projeto de autonomia do Banco Central por 339 votos a 114". 10 February 2021.
  11. "Câmara aprova texto-base da autonomia do Banco Central". 10 February 2021.
  12. "Bolsonaro sanciona lei que estabelece a autonomia do Banco Central; veja detalhes". 24 February 2021.
  13. "Bolsonaro sanciona projeto que dá autonomia ao Banco Central". 24 February 2021.