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BRAZIL: President Lula Says Currency Now Adjusting

BRAZIL
BulletEM BulletEmerging Market News
  • President Lula has been on the wires this morning, commenting on the recent volatility for the Brazilian real. While at first he described the previous central bank management as being irresponsible and a cause behind the BRL weakness, he then explained it as being a product of the external scenario and the US presidential campaign, which is now being adjusted. Lula also stated that it is not possible to change things at the BCB out of the blue.
  • The president believes the Brazilian economy is living its best moment, expecting it to grow between 3.5-3.7% in 2025. While he believes that inflation is under control, he remains worried about high food prices. Recall that in January, Chief of Staff Costa indicated there will be discussions on ways to lower food prices, although subsidies were quickly ruled out given the potential fiscal impact.
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  • President Lula has been on the wires this morning, commenting on the recent volatility for the Brazilian real. While at first he described the previous central bank management as being irresponsible and a cause behind the BRL weakness, he then explained it as being a product of the external scenario and the US presidential campaign, which is now being adjusted. Lula also stated that it is not possible to change things at the BCB out of the blue.
  • The president believes the Brazilian economy is living its best moment, expecting it to grow between 3.5-3.7% in 2025. While he believes that inflation is under control, he remains worried about high food prices. Recall that in January, Chief of Staff Costa indicated there will be discussions on ways to lower food prices, although subsidies were quickly ruled out given the potential fiscal impact.