The president's speech comes 1 day after saying he would not complain about Selic; PT member stated that BC president should be retained until the end of the term
The president Luiz Inácio Lula da Silva (PT) once again criticized the basic interest rate, the Selic, this Tuesday (April 23, 2024). The PT member's speech was made 1 day after saying that he would not complain about the interest, as he has no control over the economic index.
Lula stated that, despite this, the president of the BC (Central Bank), Roberto Campos Neto, must complete his term of office by the end of 2024. The president said he had “patience” to change the economist only in December, when he will be able to appoint the new commander of the monetary authority.
“The president of the Central Bank has to know that those who lose money with this high interest rate are the Brazilian people […] Even saying that, I have all the patience in the world. Because I have to wait until December to change the Central Bank”declared Lula during coffee with a journalist this Tuesday (April 23), at Palácio do Planalto.
Since the beginning of his 3rd term, the Chief Executive has been critical of the basic interest rate –which is at 11.25%, the lowest level since March 2022– and Campos Neto. He assesses that the high level of interest rates makes access to credit difficult and hampers the growth of the Brazilian economy.
“This country cannot be scared every day that the market didn’t like this, didn’t like that. The market is making a lot of money with this interest rate. This is what needs to be clear to society”said Lula.
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