Campos Neto at TCU Milestones

President of the Central Bank (BC), Roberto Campos Netowithin sight Courts Union Accounts (TCU).

A federal government agency has opened an investigation against the British Columbia president. The Money Transfer Unit (TCU) will investigate his recent statements about outsourcing asset management to the monetary authority.

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The investigation was requested by Deputy Attorney General Lucas Rocha Furtado, who highlighted that this allegation by Campos Neto represented a risk to the country’s ability to meet its financial obligations.

For the Deputy Attorney General, it is necessary to “investigate evidence of reported wrongdoing despite the current head of the Central Bank’s interest in outsourcing the management of BC assets, especially with regard to the management of international reserves in Brazil.”

What did Campos Neto say?

The head of BC said on Thursday the 20th that he is open to the possibility of outsourcing the management of central bank assets. These statements were made in an interview with BlackRock Brasil.

International financial reserves act as savings for the country, and are used in times of crisis. According to the Confederation of British Columbia, today these reserves in Brazil are US$345.8 billion.

According to the Deputy Attorney General, the management of international reserves is a “typical government activity”, which makes it impossible for the private sector to intervene in this area, with risks, including, for the Brazilian “sovereignty”.

The central bank said in a statement that it would not express itself.

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“In the face of all the risks, in my opinion, it is unacceptable to outsource the management of BC assets, especially with regard to the management of international reserves for Brazil,” he noted. Furtado added: “This possibility requires, therefore, mandatory and prompt action on the part of the counter-terrorism unit, in order to determine the thorough and comprehensive investigation of the facts.”

Minister Benjamin Zimler will be responsible for reporting the case to the Counter-Terrorism Unit.