UPDATE 1-Brazil's Senate passes central bank autonomy bill

  • 11/4/2020
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(Adds final passage, details of the bill) BRASILIA, Nov 3 (Reuters) - Brazil’s Senate voted overwhelmingly on Tuesday to approve a bill that would establish the autonomy of the central bank to reduce political interference in monetary policy and align the country with other major economies. Senators voted 56-12 in a remote session to pass the bill, which still needs to be voted on by the lower chamber of Congress to deliver on a campaign promise by President Jair Bolsonaro. Although Brazil’s central bank has administrative autonomy from the government, it is not fully independent. The bank’s governor is considered a member of the president’s cabinet of ministers. The bill introduces conditions for appointing and firing bank directors, who will have fixed four-year terms that will no longer coincide with the country’s presidential term. At present, the board is renewed with each incoming government.

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