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BRL Resilience As Ministers Backtrack on Lula Remarks

BRAZIL
  • Despite the initial pressure on Thursday’s open, the Brazilian Real edged higher over the course of yesterday’s session to trade close to unchanged on the day. This was largely reflective of several ministers attempting to backtrack on prior remarks from the President regarding the central bank’s autonomy.
  • As a reminder, President Lula’s comments appeared to potentially downplay the importance of central bank independence. In the aftermath, both Institutional Relations Minister Alexandre Padilha and Planning Minister Simone Tebet stepped in to indicate there is no intention to make any changes in the relationship between the Central Bank and that the government.
  • Furthermore, central bank governor Roberto Campos Neto then said that he thinks Lula meant to say that we can have independence without the law and make things work. Campos Neto reiterated the BCB showed very good resilience and signs that it can stabilize the market.
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