Criticizing high interest rates, the Minister of Institutional Relations, says that the current Selic level, currently at 15%, is disconnected from the country’s economic fundamentals. According to her, there are already impacts being felt in the level of GDP activity.
“Interest rates do not reflect the reality of the Brazilian economy and become a hindrance to growth”, says the minister.
The government’s position, in agreement with the president of Brazil, Gabriel Galípolo, is to keep the Selic rate unchanged for an extended period of time, until inflation converges to the target.
The Executive’s argument is that inflationary pressures have cooled and there are now conditions to lower the rate safely.
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