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BCB’s Galipolo Says FX Reserves Very Relevant Protection When Compared To Peers

BRAZIL
  • Brazil central bank monetary policy director Galipolo headlines:
    • Says our foreign exchange reserves are very relevant protection when compared to our peers
    • Inflation to mid-September came with headline surprising positively
    • Services inflation surprised us a little
    • Inflation, economic growth expectations both at a better place than at the beginning of the year
    • The way fiscal policy is being handled was also a positive surprise
    • BCB policy is to maintain its FX policy the way it currently is, while watching how things unroll during this easing cycle
    • Debates over interest rates are healthy but Copom decisions have been fully technical (Reuters)

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