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Central Bank of Brazil

Brazilian bonds.webp starting in August 2014 as part of the 2014 Brazilian economic crisis

]] The Central Bank of Brazil (BCB;, ) is the central bank of Brazil. It is the country's chief monetary authority and is responsible for maintaining the stability of the national currency's purchasing power. The bank was established on 31 December 1964.

The Central Bank of Brazil is not affiliated with any ministry and, like other central banks, exercises monetary authority in the country. It was created through the merger of three institutions: the Superintendência da Moeda e do Crédito (SUMOC), the Bank of Brazil (BB), and the National Treasury. One of the main instruments of Brazil's monetary policy is the bank's benchmark overnight interest rate, known as the SELIC rate, which is set by the bank's Monetary Policy Committee (Copom).[4] The bank is also active in promoting financial inclusion and is a leading member of the Alliance for Financial Inclusion.

It was one of the original 17 regulatory institutions to make national commitments to financial inclusion under the Maya Declaration.[5] Since 25 February 2021, the bank has been institutionally independent from the federal government.[6]

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.[7][8]

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.[9][10]

With the Federal Complementary Law No. 179 of 24 February 2021, it became autonomous, in addition to gaining a new organizational structure.[11][12]

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
  • List of financial supervisory authorities by country

Further reading

External links

References

  1. Michael Pooler, Bryan Harris. Brazil passes law giving autonomy to central bank Financial Times, 11 February 2021, retrieved 21 September 2022^
  2. Reservas internacionais Banco Central do Brasil, retrieved 18 March 2026^
  3. Assis, Alexandro Martello. Copom reduz taxa básica de juros da economia, a Selic, de 15% para 14,75% ao ano G1, 18 March 2026, retrieved 18 March 2026^
  4. Banco Central do Brasil bcb.gov.br, retrieved 23 June 2018^
  5. Maya Declaration Urges Financial Inclusion for World's Unbanked Populations PR Newswire, retrieved 19 November 2025^
  6. Autonomia do Banco Central é sancionada Banco Central do Brasil, 25 February 2021, retrieved 30 June 2022^
  7. Autonomia do BC: Senado aprova PLP 19/2019 e matéria segue para a Câmara | SINAL – Sindicato Nacional dos Funcionários do Banco Central^
  8. Senado aprova projeto de lei que dá autonomia ao Banco Central – Migalhas 4 November 2020^
  9. Câmara aprova projeto de autonomia do Banco Central por 339 votos a 114 10 February 2021^
  10. Câmara aprova texto-base da autonomia do Banco Central 10 February 2021^
  11. Bolsonaro sanciona lei que estabelece a autonomia do Banco Central; veja detalhes 24 February 2021^
  12. Bolsonaro sanciona projeto que dá autonomia ao Banco Central 24 February 2021^