thumb|300px|Brazilian bonds had an [[Inverted yield curve starting in August 2014 as part of the 2014 Brazilian economic crisis
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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). 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. Since 25 February 2021, the bank has been institutionally independent from the federal government.
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.
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.
With the Federal Complementary Law No. 179 of 24 February 2021, it became autonomous, in addition to gaining a new organizational structure.
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
- Taylor, Matthew M. (2009). "Institutional Development through Policy-Making: A Case Study of the Brazilian Central Bank". World Politics. 61 (3): 487–515.