Brazil’s Congress passes law giving Central Bank autonomy

Brazil, the largest economy in Latin America, has long had de facto central bank autonomy, but had not enshrined it in law.

RIO DE JANEIRO, BRAZIL -  (AFP) Brazil's Congress passed a bill on Wednesday, February 10th,  giving autonomy to the Central Bank, as President Jair Bolsonaro moved to start delivering on a long-delayed agenda of economic reforms.

Investors have been clamoring for years for Brazil to give the Central Bank formal autonomy from political interference, so as to reduce the risk of presidents pushing unnecessary interest-rate cuts -- which can turbo-charge economic growth in the short term but fuel inflation over time.

Bolsonaro, who has been a cheerleader for low interest rates himself, is nevertheless expected to sign the . . .

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