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Campos Neto says he intends to leave central bank presidency with inflation at target and interest rates “as low as possible.”

Campos Neto says he intends to leave central bank presidency with inflation at target and interest rates “as low as possible.”

British Columbia's president continues to be criticized by government allies and representatives of progressive sectors for slow reduction in interest rates

Roberto Campos Neto and the Central Bank

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247 Central Bank President Roberto Campos Neto said that he would like to bring inflation to the target level and interest rates to the lowest possible level in 2024, when his term at the head of the monetary authority ends. Allies of President Luiz Inacio Lula da Silva's government have criticized British Columbia for a slow reduction in interest rates. A rapid decline in the value of Selec would make credit cheap, stimulating consumption and economic growth.

“[2024] This will be my last year as head of the central bank. We have a positive outlook. There are many things we would like to promote here in BC. It is important to achieve inflation on target. “It is important to lower interest rates as low as possible,” the manager said in an interview with journalist Miriam Littau of GloboNews.

The National Monetary Board has set that the inflation target for next year will be 3%, with a tolerance band of 1.5 percentage points more or less – between 1.5% (floor) and 4.5% (ceiling).

The base interest rate (SELIC) closed 2023 at 11.75% annually, after an additional cut of 0.5 percentage points on November 1. The British Columbia Monetary Policy Committee (COPOM) has signaled cuts of the same severity at “upcoming meetings” in December. Campos Neto will have two more meetings – in January and March 2024.

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