Representatives of the industrial sector criticized the Central Bank Monetary Policy Committee (COPOM) on Thursday (30). According to the segment, interest rates can impact industry and cause investment slowdown.
In a statement, the National Confederation of Industry (CNI) considered the increase as “unjustified”, in a movement that occurs as a consequence of the “long culture of high interest rates that persists in Brazil”.
Even before the end of the Copom meeting, CNI had ranked the rise of Selic as “the chronicle of a death” of high interest rates ”as the movement would disregard the ongoing efforts in fiscal policy and economic activity and would have negative effects on job creation and income.
“With the decision, the Central Bank shows that it continues to misunderstand the most relevant economic facts of the current scenario, especially with regard to the fiscal framework and the slowdown in the country’s activity,” said CNI President Ricardo Alban.
The association also points out that the highest interest scenario will impact the essential investments of the industrial sector focused on the modernization or expansion of its production matrix.
With the same tone, the Federation of Industries of the State of Rio de Janeiro (Firjan) said that the new discharge of interest corroborates the process of deceleration of national industry, as it compromises the sustainable development of strategic sectors and restricts the necessary investments .
The federation stated that “in a global scenario marked by uncertainties, it is essential to reduce domestic vulnerabilities and raise productivity. For this, a believable and structured tax reform is indispensable to relieve the high commitment to mandatory expenses and make room for investments. ”
Without this, Firjan analyzes that the dollar will remain pressed, the expectation of inflation will remain on the rise and, consequently, the interest will follow high.
“This will prolong the loss of confidence of the productive sector and restrict investments in innovation, infrastructure and technology, essential pillars for sustainable economic growth,” said the representative of the industrial sector of Rio de Janeiro.
Already the president of the Federation of Industries of the State of Minas Gerais (Fiemg), Flávio Roscoe, showed concern and assessed that the decision of Copom “tends to restrict productive investments, increase production costs and reduce the competitiveness of Brazilian and mining industry ”.
Roscoe considers that the newest rise in interest can aggravate the expected economic slowdown and undermine the generation of jobs, income and the government’s own collection.
Finally, the president of Fiemg stressed that it is necessary a more balanced and cautious monetary policy, with actions that limit public spending and encourage productive investments.
