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BCB’s Guardado Says Not Possible To Estimate Easing Timeline

BRAZIL
  • Fernanda Guardado, the Central Bank’s director of international affairs, says it is impossible to know when it will be possible to start cutting Brazil’s key interest rate.
    • “We will be able to think about cuts when we are more certain of the process of convergence of inflation to the target, when we are more confident that inflation is evolving in the way we expect,” she said. “For now, it is not possible to say when.” (Valor International)
  • On Monday, Finance Minister Fernando Haddad outlined the first package of measures to make Brazil’s new fiscal rules sustainable. According to Haddad, the taxation of electronic gambling, the limitations of loopholes that allow the deduction of the Social Contribution over Net Profit (CSLL), and the fight against smuggling in e-commerce are expected to generate R$110 billion. The minister said the proposals will be sent to Congress by April 15.
    • No details emerged on the meeting between Haddad and BCB Governor Campos Neto apart from the finance minister describing it as ‘very good’.
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