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Former BCB Director Intrigued By CMN Mention

BRAZIL
  • The most “intriguing” point of the central bank statement was the mention of the National Monetary Council when referring to the cost of bringing inflation to the target, says Tony Volpon, a former director at the monetary authority.
  • Volpon, who acted as international affairs director in 2015 and 2016, said the mention was unusual and seemed to be a way for the central bank to emphasize that the inflation goals are set by the government — which has two of the three seats at the so-called CMN.
  • While not advocating for a change in the target, the wording of the statement could be seen as “almost an invitation” for the government to change the CPI target, according to Volpon. (Bloomberg)
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