BRASÍLIA (Reuters) – The director of Monetary Policy at the Central Bank, Bruno Serra, said that it is always better to have a foreign exchange market in which the monetary authority is not intervening, but pointed out that the BC is attentive in this regard and that it has acted since the end September amidst the difficulty seen after the expressive outflow of dollars from the country.
“The Central Bank is intervening, we have already sold 3.5 billion dollars since the last day of September. It was a period in which there was a large concentrated exit, the market clearly had difficulty digesting this exchange risk of exit and the Central Bank was present again,” he said.
“It is always better for the market to work alone, without needing (the BC). But so, even the volumes sold and even the last few days show that we are paying attention, it is the Central Bank’s role to care for the smooth operation of the foreign exchange market and we have been doing so,” he added.
In an event promoted by the manager Upon Global, he highlighted that the BC was “very present” in the market throughout the year 2020 until March of this year, keeping the exchange “always functional”.
Serra also said that the BC has a “very comfortable” stock of international reserves that supports its capacity to intervene in the exchange rate. Since the pandemic, the BC has sold about 75 billion dollars, he said.
(By Marcela Ayres)
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