The Central Bank of Brazil ( pt, Banco Central do Brasil) is

Brazil Brazil ( pt, Brasil; ), officially the Federative Republic of Brazil (Portuguese: ), is the largest country in both South America and Latin America. At and with over 217 million people, Brazil is the world's fifth-largest country by area ...

central bank A central bank, reserve bank, or monetary authority is an institution that manages the currency and monetary policy of a country or monetary union, and oversees their commercial banking system. In contrast to a commercial bank, a central ba ...

. It was established on Thursday, 31 December 1964, a New Year's Eve. The bank is not linked to any ministry, currently being autonomous. Like other central banks, the Brazilian central bank is the principal

monetary Money is any item or verifiable record that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular country or socio-economic context. The primary functions which distinguish money are as ...

authority of the country. It received this authority when it was founded by three different institutions: the (SUMOC), the

Banco do Brasil Banco do Brasil S.A. ( en, Bank of Brazil) is a Brazilian financial services company headquartered in Brasília, Brazil. The oldest bank in Brazil, and among the oldest banks in continuous operation in the world, it was founded by John VI, King ...

(BB), and the . One of the main instruments of Brazil's

monetary policy Monetary policy is the policy adopted by the monetary authority of a nation to control either the interest rate payable for very short-term borrowing (borrowing by banks from each other to meet their short-term needs) or the money supply, often a ...

is the Banco Central do Brasil's

overnight rate The overnight rate is generally the interest rate that large banks use to borrow and lend from one another in the overnight market. In some countries (the United States, for example), the overnight rate may be the rate targeted by the central bank ...

, called the

SELIC The Sistema Especial de Liquidação e Custodia (SELIC) ''(Special System for Settlement and Custody)'' is the Brazilian Central Bank's system for performing open market operations in execution of monetary policy. The SELIC rate is the Bank's ...

rate. It is managed by Monetary Policy Committee (COPOM) of the bank. The bank is active in promoting

financial inclusion Financial inclusion is defined as the availability and equality of opportunities to access financial services. It refers to a process by which individuals and businesses can access appropriate, affordable, and timely financial products and service ...

policy and is a leading member of th
Alliance for Financial Inclusion
It is also one of the original 17 regulatory institutions to make specific national commitments to financial inclusion under

the Maya Declaration The Maya Declaration is a global initiative for responsible and sustainable financial inclusion that aims to reduce poverty and ensure financial stability for the benefit of all. It is the first global and measurable set of financial inclusion comm ...

. during the 2011

Global Policy Forum The Global Policy Forum (GPF) is an international non-governmental organization founded in December 1993 and based in New York and Bonn (Global Policy Forum Europe). � The aim of the Global Policy Forum is to critically accompany and analyze develo ...

in Mexico. Since 25 February 2021, it is independent from

Federal Government A federation (also known as a federal state) is a political entity characterized by a union of partially self-governing provinces, states, or other regions under a central federal government (federalism). In a federation, the self-governin ...

Independence of the Central Bank

On 3 November 2020, the bill of the Independence of Central Bank passed the

Senate A senate is a deliberative assembly, often the upper house or chamber of a bicameral legislature. The name comes from the ancient Roman Senate (Latin: ''Senatus''), so-called as an assembly of the senior (Latin: ''senex'' meaning "the el ...

, by 56 votes to 12. And on 10 February 2021, in the

Chamber of Deputies The chamber of deputies is the lower house in many bicameral legislatures and the sole house in some unicameral legislatures. Description Historically, French Chamber of Deputies was the lower house of the French Parliament during the Bourbon R ...

was approved by 339 votes in favor and 114 against without changes, going to President

Jair Bolsonaro Jair Messias Bolsonaro (; born 21 March 1955) is a Brazilian politician and retired military officer who has been the 38th president of Brazil since 1 January 2019. He was elected in 2018 as a member of the Social Liberal Party, which he turn ...

's sanction, generating the Federal Complementary Law No. 179 of 24 February 2021. With the Federal Complementary Law No. 179 of 24 February 2021, it became autonomous, in addition to gaining a new organizational structure.

Presidents

The most recent presidents of the bank have been:Galeria de ex-presidentes do Banco Central do Brasil
BCB, Accessed 18 November 2018 * Dênio Nogueira: – * Rui Leme: – ( ''resign'') *

Ary Burguer ARY may stand for: * Abdul Razzak Yaqoob, a Pakistani expatriate businessman * Andre Romelle Young, real name of Dr. Dre * Ary and the Secret of Seasons, an action adventure video game * ARY Digital, a Pakistani television network * ARY Digital Net ...

: – ( ''acting'') *

Ernane Galvêas Ernane Galvêas (1 October 1922 – 23 June 2022) was a Brazilian economist and politician. He served as president of the Central Bank of Brazil The Central Bank of Brazil ( pt, Banco Central do Brasil) is Brazil's central bank. It was establi ...

: – * Paulo Lira: – *

Carlos Brandão Carlos Orleans Brandão Júnior (born June 2, 1958 in Colinas) is a Brazilian politician affiliated to the Brazilian Socialist Party. He is currently the governor of Maranhão, after the resignation of Flávio Dino in April 2, 2022. He was the ...

: – *

: – * Carlos Langoni: – * Affonso Pastore: – * Antônio Lemgruber: – * Fernão Bracher: – * Francisco Gros: – * Lycio de Faria: – (''acting'') *

Fernando Fernando is a Spanish and Portuguese given name and a surname common in Spain, Portugal, Italy, France, Switzerland, former Spanish or Portuguese colonies in Latin America, Africa, the Philippines, India, and Sri Lanka. It is equivalent to the G ...

de Oliveira: – * Elmo Camões: – * Wadico Bucchi: – (''acting'') * Ibrahim Eris: – * Francisco Gros: – *

Gustavo Loyola Gustavo is the Latinate form of a Germanic male given name with respective prevalence in Portuguese, Spanish, and Italian. It has been a common name for Swedish monarchs since the reign of Gustav Vasa. It is derived from Gustav /ˈɡʊstɑːv/, a ...

: – * Paulo Ximenes: – *

Pedro Malan Pedro Sampaio Malan (born 1943 in Rio de Janeiro) is a Brazilian economist and former Minister of Finance of Brazil. He is the father of journalist and correspondent Cecília Malan. Early life Pedro Sampaio Malan was born in 1943 in Petropolis, ...

: – *

Gustavo Franco Gustavo Henrique de Barroso Franco (born April 10, 1956, in Rio de Janeiro) is a Brazilian economist. Former Governor of the Brazilian Central Bank, is best known for being one of the "fathers" of the Real Plan, the 1994 monetary reform that ended ...

: – (''acting'') *

Pérsio Arida Pérsio Arida (born 1 March 1952 in São Paulo) is a Brazilian economist and a former president of the Central Bank of Brazil. He has a bachelor's degree in economics from University of São Paulo and a Ph.D in Economics from Massachusetts Inst ...

: – *

Arminio Fraga Armínio Fraga Neto (born 20 July 1957, in Rio de Janeiro) is a Brazilian economist who was president of the Central Bank of Brazil from 1999 to 2003. From 1993 until his appointment to the Central Bank, he was Managing Director of Soros Fund Man ...

: – *

Henrique Meirelles Henrique de Campos Meirelles (born 31 August 1945) is a Brazilian manager and former Minister of Finance and an executive of the Brazilian and the international financial sectors and former president of Central Bank of Brazil (Portuguese: ''Banco ...

: – *

Alexandre Tombini Alexandre Antônio Tombini (born December 9, 1963) is a Brazilian economist. He was President of the Central Bank of Brazil until June 13, 2016, when he was replaced by Ilan Goldfajn. Since September 2019 he is Chief Representative for the America ...

: – *

Ilan Goldfajn Ilan Goldfajn (born 12 March 1966) is an Israeli-born Brazilian economist, former governor of the Central Bank of Brazil and former director of the International Monetary Fund's Western Hemisphere Department. In December 2022, he became president o ...

: – * Roberto Campos Neto: – present

References

External links

* {{Authority control Banks of Brazil

1964 establishments in Brazil Banks established in 1964 Executive branch of Brazil

Independence of the Central Bank

Presidents

See also

References

External links