- Source: Central Bank of Brazil
The Central Bank of Brazil (Portuguese: Banco Central do Brasil) is Brazil's central bank, the bank is autonomous in exercising its functions, and its main objective is to achieve stability in the purchasing power of the national currency. It was established on Thursday, 31 December 1964.
The bank is not linked to any ministry, currently being autonomous. Like other central banks, the Brazilian central bank is the principal monetary authority of the country. It received this authority when it was founded by three different institutions: the Bureau of Currency and Credit (SUMOC), the Bank of Brazil (BB), and the National Treasury.
One of the main instruments of Brazil's monetary policy is the Banco Central do Brasil's overnight rate, called the SELIC rate. It is managed by Monetary Policy Committee (COPOM) of the bank.
The bank is active in promoting financial inclusion policy and is a leading member of the Alliance for Financial Inclusion. It is also one of the original 17 regulatory institutions to make specific national commitments to financial inclusion under the Maya Declaration. during the 2011 Global Policy Forum in Mexico.
Since 25 February 2021, it is independent from the Federal Government.
Independence of the Central Bank
On 3 November 2020, the bill of the Independence of Central Bank passed the Senate, by 56 votes to 12.
And on 10 February 2021, in the Chamber of Deputies was approved by 339 votes in favor and 114 against without changes, going to President Jair Bolsonaro's sanction, generating the Federal Complementary Law No. 179 of 24 February 2021.
With the Federal Complementary Law No. 179 of 24 February 2021, it became autonomous, in addition to gaining a new organizational structure.
Presidents
= Appointed by the Executive
== Under Autonomous Election
=See also
Brazilian real
Federal institutions of Brazil
Payment system
Real-time gross settlement
List of central banks
Further reading
Taylor, Matthew M. (2009). "Institutional Development through Policy-Making: A Case Study of the Brazilian Central Bank". World Politics. 61 (3): 487–515.
References
External links
www.bcb.gov.br/en
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