07/01/2024 – 21:10
Finance Minister Fernando Haddad said that the exchange rate should settle as the decision-making processes on government spending are concluded. “I believe it will settle, because when this process unfolds, this tends to reverse (the rise in the dollar),” he told reporters as he left the Ministry’s headquarters this evening. The statements came in the wake of a difficult day in the market, when both the dollar and future rates renewed highs, responding to a scenario of greater caution abroad and worsening fiscal risk.
The minister’s statements signal, according to him, a change in the government’s communication style, something he himself identified as one of the reasons for the dollar’s rise. “Although the devaluation occurred worldwide, in general, something happened here that was greater than in our peers. I attributed this to a lot of noise. I already said this at the Council, we need to better communicate the economic results that the country is achieving,” he stated.
Haddad stated that the change in communication includes the government’s assessment of the recently concluded first half of the year. He highlighted that the revenue collected in June was above what the Federal Revenue Service had expected, for example, and that he is optimistic about the other results, despite the setbacks suffered by the government, such as the maintenance of the payroll tax exemption, or the impacts of the tragedy in Rio Grande do Sul on the economy and the federal government’s accounts.
When asked about the need for intervention in the exchange rate, Haddad stressed that this is a responsibility of the monetary authority, not the Treasury. “They are the ones who know when and how to do it; it is a matter for them to decide. It is always possible (to intervene in the exchange rate), because it is within the governance of the Central Bank to act when necessary. Whether or not it will be necessary is up to the BC board to decide,” he stated.
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