BRASÍLIA (Reuters) – The president of the Central Bank, Roberto Campos Neto, said on Wednesday that the dollar has behaved better, but that economic agents are still attentive to signs of the government’s commitment to fiscal sustainability.
“We are now beginning to see a greater exchange flow, the dollar has behaved better in recent months around this level,” he said, at a public hearing in the Chamber of Deputies.
“And if Brazil actually manages to achieve credibility with a devalued dollar, with exports, with commodity prices – remembering that we export a lot of commodities–, this flow should make the dollar return to a lower balance, but we have a credibility theme . We have had a great oscillation between entry and exit according to what economic agents understand about the future of the country”, he added.
He pointed out that Brazil has a large volume of international reserves, but that interventions are made when the BC understands that there is a lack of liquidity in the market.
According to Campos Netos, when adding the effect of the rise in commodities and the rise in the dollar, the impact on inflation was great last year and continues to be relevant this year.
(By Marcela Ayres)
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