Today, lawmakers make progress on the Economy Ministry’s agenda. Retail posts poor end-of-year results, spurning hope for recovery. Health Minister Pazuello to be grilled by senators.
House pushes forward on Economy Ministry agenda
On Wednesday, the House voted on two bills that are very dear to Economy Minister Paulo Guedes and his team: one establishing the formal independence of the Central Bank, and another making changes to the currency exchange market in Brazil — which would allow for local bank accounts to be held in U.S. Dollars.
Central Bank. The proposal to make the bank autonomous had already been approved by the Senate and will come into force after it is ratified by President Jair Bolsonaro. Here are the core points of the bill:
- Terms. The Central Bank’s nine-member board will continue to be appointed by the president, but they will have fixed four-year terms and will be able to extend those terms by another four years. After leaving the bank, they will have to respect a six-month quarantine period during which they cannot have any links — formal or otherwise — with any financial institution.
- Goals. Besides pursuing targets for inflation rates, the Central Bank will be responsible for...