Economic news

Brazil’s Lula to name new central bank head in coming weeks, says finance minister

2024.08.13 18:29

BRASILIA (Reuters) -Brazilian Finance Minister Fernando Haddad said on Tuesday that President Luiz Inacio Lula da Silva will announce in coming weeks his choice to lead the central bank after current chief Roberto Campos Neto’s term ends this year.

Speaking to journalists, Haddad said the announcement date will depend on a meeting between Lula and Senate President Rodrigo Pacheco.

The two will discuss the timing of the Senate hearing for the nominee, whose name must be approved by the senators, Haddad said.

Haddad also told journalists the central bank must analyze various factors before making its policy decision.

His comments followed hawkish remarks from central bank monetary policy director Gabriel Galipolo about a rate hike being on the table amid a scenario considered uncomfortable for reaching the 3% inflation target.

Galipolo, who previously held a second-in-command position at the Finance Ministry, is seen as the frontrunner to succeed Campos Neto and has already been praised by Lula as a “golden boy.”

© Reuters. FILE PHOTO: A drone view shows the Central Bank headquarters building during sunset in Brasilia, Brazil, June 11, 2024.  REUTERS/Adriano Machado/File Photo

“Raising rates is not always the best answer,” said Haddad.

He noted that keeping rates at a restrictive level is sometimes better, while pointing out that the central bank’s rate-setting board members have the mandate to make the best decision.



Source link

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 98,358.35 0.17%
ethereum
Ethereum (ETH) $ 3,419.44 0.99%
tether
Tether (USDT) $ 1.00 0.06%
solana
Solana (SOL) $ 255.81 1.25%
bnb
BNB (BNB) $ 682.91 1.46%
xrp
XRP (XRP) $ 1.45 6.95%
dogecoin
Dogecoin (DOGE) $ 0.434184 5.08%
usd-coin
USDC (USDC) $ 0.999712 0.03%
cardano
Cardano (ADA) $ 1.07 2.96%
staked-ether
Lido Staked Ether (STETH) $ 3,415.93 1.05%
tron
TRON (TRX) $ 0.216841 3.28%
stellar
Stellar (XLM) $ 0.57976 32.58%
avalanche-2
Avalanche (AVAX) $ 42.01 1.78%
the-open-network
Toncoin (TON) $ 6.39 13.27%
shiba-inu
Shiba Inu (SHIB) $ 0.000027 0.01%
wrapped-steth
Wrapped stETH (WSTETH) $ 4,051.00 1.37%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 97,899.23 0.43%
polkadot
Polkadot (DOT) $ 9.06 17.81%
chainlink
Chainlink (LINK) $ 17.68 3.45%
bitcoin-cash
Bitcoin Cash (BCH) $ 511.38 3.65%
weth
WETH (WETH) $ 3,418.85 0.45%
sui
Sui (SUI) $ 3.45 4.37%
pepe
Pepe (PEPE) $ 0.000021 4.18%
near
NEAR Protocol (NEAR) $ 6.61 4.33%
leo-token
LEO Token (LEO) $ 8.68 1.08%
litecoin
Litecoin (LTC) $ 101.19 0.53%
aptos
Aptos (APT) $ 12.86 0.67%
uniswap
Uniswap (UNI) $ 11.16 5.13%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,602.79 1.15%
hedera-hashgraph
Hedera (HBAR) $ 0.15123 1.36%
internet-computer
Internet Computer (ICP) $ 11.62 3.73%
crypto-com-chain
Cronos (CRO) $ 0.196582 2.97%
usds
USDS (USDS) $ 1.00 0.11%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.577148 5.68%
ethereum-classic
Ethereum Classic (ETC) $ 29.90 0.22%
render-token
Render (RENDER) $ 8.08 1.44%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.56 15.47%
bittensor
Bittensor (TAO) $ 538.05 1.33%
kaspa
Kaspa (KAS) $ 0.15409 4.54%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.02%
arbitrum
Arbitrum (ARB) $ 0.880108 4.13%
vechain
VeChain (VET) $ 0.043829 3.83%
whitebit
WhiteBIT Coin (WBT) $ 24.74 0.62%
cosmos
Cosmos Hub (ATOM) $ 9.09 14.45%
bonk
Bonk (BONK) $ 0.000047 6.28%
filecoin
Filecoin (FIL) $ 5.82 13.71%
dai
Dai (DAI) $ 0.999818 0.04%
mantra-dao
MANTRA (OM) $ 3.80 0.24%
okb
OKB (OKB) $ 55.96 9.67%
dogwifcoin
dogwifhat (WIF) $ 3.26 3.66%