Central Bank can gain autonomy Government sends BC autonomy project Other Services

Ceremony to celebrate 100 days of government, President Jair Bolsonaro signed a bill yesterday that will be sent to Congress to establish the autonomy of the Central Bank. The measure was one of the commitments defended by Bolsonaro during the electoral campaign.

Onyx talks about BC's independence project

"Like the most advanced economies, we officialized today the proposal that consolidates the autonomy of the Central Bank, an important principle that helps to provide stability, efficiency and economic growth," the president said in a social network. In theory, autonomy eliminates the possibility of political interference in the decisions of the Central Bank.

The project should be joined to others already existing in the Chamber of Deputies to speed up the process. According to the Minister of the Civil House, Onyx Lorenzoni, the text was only made to correct the so-called "initiative vice" of the project presented by the president of the House, Rodrigo Maia (DEM-RJ).

Projects that alter the structure of the Executive must be sent by the Executive himself, according to the Constitution. The government text maintains the principles defended by the BC and incorporated by Maia its proposal. Among them, a mandate of four years, being able to have a renewal by four, not coincident with the one of the president of the Republic. It is also expected to end the status of minister of the president of the Central Bank.

According to Onyx, the term for autonomy is that the text be approved and sanctioned. "From there a new rule begins," he said.

In addition to the bill that deals with the independence of the Central Bank, the government will also send to Congress a proposal that the directors and administrators of public banks, such as Banco do Brasil and Caixa, have to be approved by the Central Bank.