IBOV 205,430.33 ▲ 0.54% IPSA 10,969.16 ▼ 0.02% IPC MEX 68,420.16 ▲ 1.12% MERVAL 2,848,945 ▼ 0.35% COLCAP 2,566.28 ▼ 0.55% BVL PERÚ 60,210.69 ▼ 0.91% USD/BRL5.07▼ 0.54% USD/MXN18.48▲ 0.36% USD/CLP984.38▲ 0.32% USD/COP3,171▼ 0.77% USD/PEN3.43▼ 0.11% USD/ARS1,518▲ 0.30% USD/UYU40.13▲ 3.08% USD/PYG5,686▲ 3.07% USD/BOB11.61▲ 2.27% USD/DOP61.26▲ 0.43% USD/CRC448.47▲ 1.59% USD/GTQ7.65▲ 3.30% USD/HNL26.86▲ 0.34% USD/NIO36.62▲ 2.76% USD/VES877.92▼ 0.13% USD/PAB1.00— 0.00% USD/BZD2.00— 0.00% USD/JMD 157.28 — 0.00% USD/TTD6.73▲ 2.13% EUR/BRL5.71▲ 1.16% BRENT 88.88 ▼ 0.03% WTI 83.11 ▼ 0.11% IRON ORE 161.91 — — COPPER 6.61 ▲ 0.03% GOLD 4,461 ▲ 1.78% SILVER 65.59 ▲ 1.26% SOY 1,184 ▲ 3.20% CORN 480.50 ▲ 10.02% WHEAT 655.00 ▲ 3.93% COFFEE 317.25 ▼ 5.51% SUGAR 16.43 ▼ 1.79% ORANGE JUICE 138.55 ▼ 0.47% COTTON 85.03 ▲ 2.33% COCOA 5,719 ▲ 3.18% BEEF 223.60 ▼ 3.93% CATTLE 339.10 ▼ 3.16% LITHIUM 75.20 ▲ 1.47% PETR4 41.64 ▼ 0.05% VALE3 72.97 ▲ 0.83% ITUB4 38.60 ▼ 1.03% BBDC4 16.85 ▲ 0.36% ABEV3 14.89 ▼ 0.80% BBAS3 19.37 ▲ 0.47% B3SA3 14.26 ▼ 0.21% WEGE3 47.59 ▲ 0.49% PRIO3 59.14 ▼ 0.19% SUZB3 41.33 ▲ 2.35% RENT3 34.68 ▼ 0.09% AZZA3 15.89 ▼ 2.63% CSAN3 3.22 ▼ 1.83% RAIZ4 0.25 — 0.00% PCAR3 2.75 ▼ 0.36% GMAT3 3.65 ▼ 1.08% PSSA3 48.13 ▼ 0.54% CVCB3 1.33 ▼ 2.92% POSI3 3.36 ▲ 2.44% SLCE3 13.34 ▲ 0.30% NATU3 8.14 ▼ 0.73% IBOV 205,430.33 ▲ 0.54% IPSA 10,969.16 ▼ 0.02% IPC MEX 68,420.16 ▲ 1.12% MERVAL 2,848,945 ▼ 0.35% COLCAP 2,566.28 ▼ 0.55% BVL PERÚ 60,210.69 ▼ 0.91% USD/BRL 5.16 ▲ 0.01% USD/MXN 17.06 ▼ 0.24% USD/CLP 913.98 ▲ 0.04% USD/COP 3,140 ▲ 0.03% USD/PEN 3.36 ▼ 0.66% USD/ARS 1,493 ▲ 0.10% USD/UYU 40.27 ▲ 1.24% USD/PYG 5,939 ▲ 1.68% USD/BOB 11.64 ▼ 0.76% USD/DOP 58.34 ▲ 1.25% USD/CRC 445.92 ▲ 0.89% USD/GTQ 7.62 ▲ 2.21% USD/HNL 26.79 ▲ 1.57% USD/NIO 36.62 ▲ 0.69% USD/VES 762.44 ▼ 0.13% USD/PAB 1.00 — 0.00% USD/BZD 2.00 — 0.00% USD/JMD 157.28 — 0.00% USD/TTD 6.70 ▲ 0.61% EUR/BRL 5.95 ▲ 1.01% BRENT 88.88 ▼ 0.03% WTI 83.11 ▼ 0.11% IRON ORE 161.91 — — COPPER 6.61 ▲ 0.03% GOLD 4,461 ▲ 1.78% SILVER 65.59 ▲ 1.26% SOY 1,184 ▲ 3.20% CORN 480.50 ▲ 10.02% WHEAT 655.00 ▲ 3.93% COFFEE 317.25 ▼ 5.51% SUGAR 16.43 ▼ 1.79% ORANGE JUICE 138.55 ▼ 0.47% COTTON 85.03 ▲ 2.33% COCOA 5,719 ▲ 3.18% BEEF 223.60 ▼ 3.93% CATTLE 339.10 ▼ 3.16% LITHIUM 75.20 ▲ 1.47% PETR4 41.64 ▼ 0.05% VALE3 72.97 ▲ 0.83% ITUB4 38.60 ▼ 1.03% BBDC4 16.85 ▲ 0.36% ABEV3 14.89 ▼ 0.80% BBAS3 19.37 ▲ 0.47% B3SA3 14.26 ▼ 0.21% WEGE3 47.59 ▲ 0.49% PRIO3 59.14 ▼ 0.19% SUZB3 41.33 ▲ 2.35% RENT3 34.68 ▼ 0.09% AZZA3 15.89 ▼ 2.63% CSAN3 3.22 ▼ 1.83% RAIZ4 0.25 — 0.00% PCAR3 2.75 ▼ 0.36% GMAT3 3.65 ▼ 1.08% PSSA3 48.13 ▼ 0.54% CVCB3 1.33 ▼ 2.92% POSI3 3.36 ▲ 2.44% SLCE3 13.34 ▲ 0.30% NATU3 8.14 ▼ 0.73%
since 2009
Saturday, October 17, 2026

Brazil Brazil Elections 2026

Flávio Bolsonaro Pledges to Skip Reelection

By · October 17, 2026 · 5 min read
Empty presiding table with blue leather chairs, flowers and a Brazilian flag in the Federal Senate chamber in Brasília
The presiding table of the Federal Senate chamber in Brasília. File photo. Photo: Boaventuravinicius, CC BY-SA 4.0, via Wikimedia Commons
RT
Ask Rio Times
This story and the bigger picture.
Open the full Ask Rio Times →

BRAZIL · ELECTIONS

Published Friday, 16 October, 11:45 p.m. ET · Source: TV Globo interview, reported by Veja, CNN Brasil and Correio Braziliense

Key Facts

  • The country Brazil, Latin America’s largest country, elects its president in a runoff on Sunday 25 October between President Lula and Senator Flávio Bolsonaro.
  • What happened On Friday 16 October, Flávio Bolsonaro told TV Globo he would give up a second term if Congress does not pass his proposal to end presidential reelection.
  • The pledge He would back a constitutional amendment ending reelection and barring relatives up to the third degree from succeeding him.
  • The term Any longer single term, such as five years instead of four, would be left to Congress to settle.
  • Power Index Brazil ranks 1st of 14 in The Rio Times Latin America Power Index, with 75.0 points (October 2026 edition).
  • Prediction markets Polymarket gives Flávio Bolsonaro a 77% chance of winning the 25 October runoff and Lula 24% (16 October, 11:17 p.m. ET). Polymarket puts Flávio Bolsonaro’s chance of winning at 77% and Kalshi at 77% (Lula: 24% and 22%), as of 17 October, 2:00 am ET; prices are bets, not polls.
  • Still open Whether Congress would pass the amendment, and how voters weigh the pledge, is not known.

Runoff · Sunday, 25 October

Brazil Runoff 2026: Lula vs Flávio

Date, polls, debates, odds and how the runoff works, updated every day.

Read the runoff guide →

Brazil election 2026 · Brazil election polls · Brazil election odds · Brazil runoff date and results start · Brazil election results · All election stories

Flávio Bolsonaro, senator for Rio de Janeiro, said on Friday 16 October he would give up a second term if Congress does not pass his proposal to end presidential reelection. He made the pledge in an interview on TV Globo, Brazil’s biggest broadcaster, nine days before the Brazil election 2026 runoff.

The conservative Liberal Party (PL) candidate faces Luiz Inácio Lula da Silva, Brazil’s president, in the vote on Sunday 25 October. A president who limits himself to one term would change how markets and Washington read Brazilian politics over the next decade.

What Flávio Bolsonaro Promised on TV Globo

If elected, he said he would put forward a constitutional amendment (PEC) ending reelection, which has been allowed in Brazil since 1997, Veja reported. Asked whether he would still forgo a second term if Congress refuses, he said yes.

“The details will come in the legislative process; I only need one term,” he said, according to CNN Brasil. He added that he is not “disputing power,” Veja reported.

Relatives Would Be Barred Too

The amendment would apply “not only to me but to relatives up to the third degree,” Flávio said, CNN Brasil reported. The third-degree limit is his own proposal, not current law.

The plan would also keep his father, former president Jair Bolsonaro, from running in 2030, A Crítica reported. Close family such as siblings, grandparents and uncles falls within the third degree.

How Long Would a Single Term Last?

Flávio said the length of the mandate would be settled in Congress, according to Correio Braziliense. Veja reported that the debate would cover lengthening the term from four years to five or even six.

Every president elected since 2002 has sought a second term, namely Lula, Dilma Rousseff and Jair Bolsonaro, Veja noted. The reelection amendment passed under President Fernando Henrique Cardoso.

Wide fisheye view of senators at their desks in the blue plenary chamber of Brazil's Federal Senate
Senators at their desks in the Federal Senate plenary. File photo. Photo: Senado Federal - TV Senado, CC BY-SA 4.0, via Wikimedia Commons

Why Congress Holds the Key

A constitutional amendment in Brazil needs the backing of three-fifths of both the Chamber of Deputies and the Senate, in two rounds of voting each. That makes Congress, not the president, the decisive actor on any change to reelection.

The pledge therefore binds only Flávio himself, whatever lawmakers decide. Our Brazil election polls tracker shows how close the race stands going into the final week.

What It Means for You

If you invest in Brazilian assets, a stated one-term plan signals how a Bolsonaro presidency might approach long-term policy. It is a campaign promise, though, and markets will watch Congress rather than the pledge.

If you follow US politics or trade, the winner will set Brazil’s course with Washington for the coming years. Our Brazil election odds page tracks the betting markets daily.

What Prediction Markets Say

On Polymarket, an online prediction market, bettors give Flávio Bolsonaro a 77.2% chance of winning the 25 October runoff and Lula 23.5% (16 October, 11:17 p.m. ET), in a market that has drawn about US$185 million in total bets.

These are bets, not polls, and they can move fast on new surveys. Kalshi, a US exchange regulated by the Commodity Futures Trading Commission (CFTC), also lists Brazilian runoff markets.

Why we show this: prediction markets turn real-money bets into a live probability that moves within minutes of the news, which is why investors, campaigns and newsrooms in the United States now follow them closely. We show them next to polls and official results, never instead of them.

Prediction markets · who wins the runoff

Implied chance of winning Brazil’s presidency on 25 October, from traders’ prices.

Polymarket

Flávio Bolsonaro 77% · Lula 23.5% (US$185 million traded)

Kalshi (regulated in the US by the CFTC)

Flávio Bolsonaro 77% · Lula 22%

As of 17 October, 2:00 am ET (07:00 Lisbon), updated every 20 minutes. Prices are bets, not polls, and can move fast.

Why we show this: prediction markets turn real-money bets into a live probability that moves within minutes of the news, which is why investors, campaigns and newsrooms in the United States now follow them closely. We show them next to polls and official results, never instead of them.

What Is Not Known

It is not known whether Congress would approve the amendment, or how long a single term would last. None of the reports we reviewed carried a response from Lula’s campaign.

It is also unclear whether the pledge will move undecided voters before 25 October. A promise made in an interview is not a legal commitment.

Frequently Asked Questions

What did Flávio Bolsonaro promise about reelection?

He said on 16 October that he would give up a second term if Congress does not pass his proposal to end presidential reelection. He made the pledge in an interview on TV Globo.

Who would the proposal bar from running?

It would end reelection and also bar relatives up to the third degree, he said. That is his own proposal, not current law.

Would the presidential term become longer?

Flávio said the length of the mandate would be settled in Congress. Veja reported the debate covers five or even six years instead of four.

Can the president change reelection alone?

No. A constitutional amendment needs three-fifths of both the Chamber of Deputies and the Senate, in two rounds of voting each.

When is Brazil’s runoff?

Brazilians vote on Sunday 25 October, nine days after this interview. The winner takes office as president.

Sources: Veja, 16 October 2026; CNN Brasil, 16 October 2026; Correio Braziliense, 16 October 2026; A Crítica, 2026.

This article was drafted with automated assistance and reviewed before publication. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief

The LatAm Brief

One email, every weekday morning. What moved in Latin American markets, politics and expat life.

Yesterday’s subject line: “IMF sees Brazil as 8th-largest economy by 2027”

Free. We send a confirmation link first — nothing arrives until you click it. Unsubscribe with one click in any edition. If you stop opening us for 30 days we stop sending by ourselves, as we assume the interest is no longer there. See our privacy policy. We never share your email.

The Rio Times · Power Map
See who really holds power in Latin America
Click to open the Power Map →

Rotate for Best Experience

This report is optimized for landscape viewing. Rotate your phone for the full experience.