February 20, 2024

Lula sees the central bank as “irrational” and against Brazilian society

The decision taken by Roberto Campos Neto’s team sabotages the resumption of development in Brazil and transfers income to the rich

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247 – President Luiz Inácio Lula da Silva criticized the decision made by the team led by Roberto Campos Neto at the Central Bank to maintain the interest rate at 13.75% per annum. “Who is fighting today with the Central Bank is Brazilian society. Retailers, owners of small and medium enterprises and people who need credit. What is happening in Brazil does not make sense. We have 72% of Brazilian men and women in debt, and this is the problem of Brazilian society,” the president said.

Lula expressed concern about the negative effects of the central bank’s decision on the Brazilian economy. He pointed out that maintaining such a high interest rate at a time when inflation is under control prevents the resumption of growth and directly undermines efforts to promote more inclusive development in the country.

The president said that the monetary policy adopted by the Central Bank benefits the privileged sectors of society and transfers income to the richest. By keeping interest rates high, Roberto Campos Neto’s team makes access to credit difficult and primarily harms retailers, small and medium-sized entrepreneurs and those who rely on credit for investment in their businesses.

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