Minister of Institutional Relations says it is “incomprehensible” the decision of the Central Bank, without mentioning that the president of the municipality and almost all directors were appointed by Lula
Minister Gleisi Hoffmann (Institutional Relations) criticized this Thursday (19.Jun.2025) the decision of (Selic) at 0.25 percentage point. On Wednesday (18.Jun), the indicator went from 14.75% to 15% per year. Gleisi said the discharge of interest is “incomprehensible” And did not mention the president of the monetary authority, Gabriel Galipolo.
“The time the country combines slowdown in zero inflation and primary deficit, economic growth and international investment that reflect confidence, it is incomprehensible that copon further increases the basic interest rate. Brazil expects it to be the end of the stratospheric interest cycle,” wrote the minister in X.
Responsible for the political articulation of the government, Gleisi is one of the main critical voices to the central bank’s interest policy since the previous management, when the municipality was led by Roberto Campos Neto. In December 2024, he said he “terrorism” with fiscal policy.
Campos Neto was appointed by the former president (PL) and took office in February 2019. He was in office until the end of 2024. Gabriel Galipolo took command of the BC in January 2025.
During the period of his term in the first 2 years of the President of the President (PT), Campos Neto was the subject of harsh criticism from the petista and his allies. In February, Lula that the management of former BC president was “Totally irresponsible” because of the increase in interest.
In December 2024, Gleisi said that the BC Galipola continued to raise interest rates. At the time, the basic rate was 11.25%.
At that time, Galipole already signaled that he would not change the Central Bank strategy and maintain Selic in a restrictive level for a long time to bring inflation to the 3%target.
Since the beginning of their management, however, government members have been avoiding directly criticizing Galipole and BC directors who were mostly nominated by Lula. The petista has not yet commented on the decision of the Copom (Monetary Policy Committee) that raised the interest rate to 15% per year.
