Minister Fernando Haddad at a press conference on fuel reloading Fabio RodriguesPozzebom/Agência Brasil 28.2.2023
Finance Minister Fernando Haddad said Wednesday (5) that the nominations for the posts of directors at the Central Bank will be announced on the occasion of President Luiz Inácio Lula da Silvas (PT)’s return to China. The PT member travels to the Asian country on April 11 and is scheduled to start his agenda in Shanghai.
“The President has provided the guidelines for the decision to go to China, and we will forward the names to the Senate,” Haddad told journalists upon his arrival at the Treasury Department. The names were expected to be announced in early April after the trip. However, the trip was postponed due to Lula’s health problems.
The central bank’s governors are part of the Monetary Policy Committee (Copom), which is responsible for setting the base interest rate (Selic) every 40 days. Interest rates in the Brazilian economy are currently at 13.75% per year, the highest since 2017, and have drawn criticism from the federal government.
The names chosen by Lula and the business team should go to the Senate for a hearing. When they go through this phase, the new directors remain in office for four years. Any candidate is eligible for reappointment for one additional term, and a new sabbatical is required only by the President.
New tax rules
not defined
Haddad also said the proposed new fiscal rules are in the “final adjustment” phase. The Finance Minister is meeting with Civil House Chief Minister Rui Costa this Wednesday and the two are expected to discuss details of the project. The proposal is due to be presented to Congress next week.