Brazil Senator Attacks Central Bank Chief
Cid Gomes, the Socialist Party leader in Brazil’s Senate, calls Galípolo a Trojan horse of the market; the Selic is 13.75% and the Copom decides on 9 December. The post Brazil Senator Attacks Central Bank Chief appeared first on The Rio Times .
Brazilian Senator Cid Gomes criticized Central Bank President Gabriel Galípolo, alleging that the bank serves the financial market as its primary function. Gomes used the term "Trojan horse" to describe Galípolo, reportedly stating that the central bank's power is very strong. The dispute arose as the Selic rate, set by the bank to control inflation, remained at 13.75% throughout November, a figure that significantly impacts Brazil's economy, currency, and foreign investments.
Gomes accused the government and central bank of implementing high-interest policies to please various factions, such as "Greeks" and "Trojans," which he described using a Portuguese idiom meaning to please everyone. The incident took place amid a broader debate over a proposal suggesting that both fiscal and monetary policies should be set by a single authority.
Gomes has previously attacked the central bank's policies, calling them a "mamata" or gravy train. In response to the criticism, Galípolo did not issue a public statement. The Selic rate's impact on Brazil's economy is significant, as it directly influences borrowing costs for the government, companies, and savers.
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