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Outstanding Loans Report, Senate Request Hearing With BCB President

BRAZIL
  • The Brazilian central bank will disclose the May Outstanding Loans report, following a 0.1% drop seen in April on a monthly comparison, to 5,36t reais. The report comes out at 1230BST/0730ET.
  • A request has been made by Senator Randolfe Rodrigues to invite Brazil Central Bank President Roberto Campos Neto to provide clarifications on monetary policy and interest rate.
  • Bloomberg have reported that the request was approved by the Senate Economic Affairs Committee, according to senator’s press office. Agriculture Minister Carlos Favaro told journalists during an event that he considered that senators should summon Campos Neto for clarification.
  • This development comes despite the dovishly perceived central bank minutes, released on Wednesday, that appear to have made a Selic rate cut the most likely outcome for the next Copom meeting in August.
  • Senate leader Rodrigo Pacheco said that Brazil’s Senate will protect the autonomy of the country’s central bank as President Luiz Inacio Lula da Silva pushes for interest rate cuts. Pacheco said he will not allow any legislation targeting its autonomy to come to a vote and expressed confidence that the bank will soon deliver the rate cuts Lula and a growing contingent of political and business leaders have demanded.
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