President of the Republic made publications on social networks and speeches about the former chief of the Central Bank; In order not to name names, the petista called him “this citizen”
The President (PT) adopted a critical speech over 2023 and 2024. The head of the organ in those years was Roberto Campos Neto, nominated by (PL).
The scenario has changed. President of the BC in 2025, economist Gabriel Galipolo, who was executive secretary of the minister (farm), by Lula for the position. The new management made the petista abandon the hard tone against the monetary authority.
The petista’s criticisms were especially because of high interest rates. The basic rate (Selic) was 13.75% per year when he started the 3rd term.
It turns out that the indicator continues to rise in 2025., Higher level in 19 years. Despite this, Lula continues without criticizing the Central Bank as he did in previous years.
Lula used to accuse fields grandson of being “contra” the economy. Pressed it over interest on interest. In order not to name names, I called him “This citizen”.
The BC is responsible for defining the base interest. The purpose of high rates is to control inflation through economic slowdown (.
The directors and president of the monetary authority define the new level of interest 8 times a year. Below are some comments from the President of the Republic on dates near the agency meetings in 2023 and 2024:
February 2023:
- – kept Selic at 13.75%;
- – “Just see the Copom letter [Comitê de Política Monetária] For us to know that this increase in interest is a shame and the explanation they gave to Brazilian society ”.
March 2023:
- – kept Selic at 13.75%;
- – “I as President of the Republic I can’t be discussing every Copom report, I can’t. They pay the price for what they are doing. The story will judge each one of us.”.
May 2023:
- – kept Selic at 13.75%;
- – “He [Campos Neto] There is no commitment to me. Who does he have a commitment to? With Brazil? It does not have. He is committed to the other government, which indicated him. This is important to be clear ”.
June 2023:
- – kept Selic at 13.75%;
- – “I think this citizen [Campos Neto] plays against the Brazilian economy. He has no acceptable explanation because the interest rate is 13.75% per year. We have no demand inflation ”.
August 2023:
September 2023:
December 2023:
- – Low Selic to 11.75%;
- – “We have to mess with the heart of the Central Bank President. Reduces the interest that people are wanting to borrow money. Governors can help, pressure. Let’s lower interest, people”.
March 2024:
- – Low Selic to 10.75%;
- – “There is no economic explanation, no inflationary explanation. There is nothing but the stubbornness of the Central Bank president to maintain this interest rate.”.
June 2024:
- – kept Selic at 10.5%;
- – “He [Campos Neto] He was nominated by the previous government and makes a point of demonstrating that he is not concerned with our governance, but with whom he has committed himself. We are coming to change the president of the Central Bank. Let’s have to take it, indicate other people ”.
In addition to criticism in speeches and interviews, Lula commented on interest on his official X (former Twitter) profile. In 2023 and 2024, the tone used to be critical. Read a compilation of president’s posts:
Lula’s criticism of the Central Bank of Campos Neto in the X
In searching social networks by the profiles of the petista because we have “fees”, “Interest rates”, “Banco Central” e “Selic”It is clear that there are no critical posts to the country’s monetary policy in 2025.
LULA & GALÍPOLO
The president not only lowered the tone after he indicated Galipole to the Central Bank, but has also praised the economist a few times. Read below:
- – “If one day the Glypol comes to me and say ‘has to increase interest’, great. He has the profile of a very competent person.”;
- – “The president of the BC cannot give a wooden horse overnight. [Campos Neto]”;
- – “We have to go adjusting things and I’m sure Gabriel Galipolo will fix the interest rate in this country”.
There was a fear of the financial market that Galipole was more tolerant of high inflation and fulfill Lula’s requests to lower interest. He sought to dissipate the fear since he was nominated for office. It made statements that the fee would be high for the necessary time.
The petista and the economist on December 20. In it, Lula says he will not interfere with the work of the Central Bank. The statement softened the dollar quotation that day.
“I wanted to wish good luck, God bless you. And I want you to know that there will never be any interference from the presidency you have to do in the Central Bank.”said the petista with a few days left for Galipolo to take over the new position.
Watch (2min24s):
