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BCB Board, Fuel Taxes Dominate Local Weekend Press

BRAZIL
  • The make up of the BCB is a focus Monday, with monetary policy director Serra’s term ending on Tuesday. Folha de S. Paulo report that former BCB directors Pereira da Silva and Volpon are among Lula’s options for consideration. Pereira worked under Tombini in 2011, while Volpon was at the BCB between 2015 – 2016.
  • Serra will remain in the post until a replacement is found, with the decision expected to be finalised by the end of the week. Lula and Haddad will make the decision on the nomination with input from governor Campos Neto, who speaks later today in Brasilia (10am local time / 1300GMT). Folha wrote over the weekend that more market-friendly nominations are facing resistance within Lula’s PT party.
  • Fuel tax news makes up the rest of the focus over the weekend, with Haddad headed back to Brazil from India’s G20 meeting. Lula is to meet the Petrobras CEO later today, with his economic team keen on reinstating the tax on gasoline and diesel in order to prop up fiscal revenue – however other elements of the party are against the tax on inflation concerns.
  • Local press writes that it is expected a deal will be made this week, however a tax will be restored at a lower level than previously.
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