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BCB Governor Says FX Market Repricing Risk Premium

BRAZIL
  • (MNI) - Central Bank of Brazil Governor Roberto Campos Neto said Wednesday the BCB will only intervene in foreign exchange markets when there is an "episode of liquidity or dysfunction" in the market.
  • "Intervention is a function of whether we think there is an episode of liquidity or dysfunction in the market, or sometimes there is a gap due to something that comes out that we believe was misinterpreted or misread. But we don't react to the fact that people are repricing our risk premium," he said in a meeting with XP investors in Washington.
  • Campos Neto noted that inflation expectations remain crucial and that it’s important to keep inflation anchored. He said that they are seeing inflation converging in Brazil, but that “services inflation shows more resilience in items linked to the labour market”.
  • Reflecting on the recent fiscal developments, he said that he defends sticking to the fiscal target, noting that the market is worried about fiscal policy. He added that there are “more uncertainties than at the last Copom meeting” and that they need to wait and see variables before the next meeting, saying that they “are not afraid to do what we need to do” to meet the inflation target.
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