Campos Neto responds to Lula, says BC’s work is technical

president central bank (BC) Roberto Campos Neto said that the financial institution’s work is technical and far from political narratives. On Tuesday, the second of this month, he participated in an event with leaders of global banks in Europe.

Campos Neto made the comments in response to criticism from President Luiz Inacio Lula da Silva. The head of the federal executive accused the central bank of making political decisions.

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“We have to step away from the political arena and try to continue with the artistic work,” Campos Neto said. “And I think what we did is living proof that everything we did was very technical.”

The Colombian president also mentioned that in 2022, the interest rate reached 13.75%, the highest in an election year, as evidence of independence.

“If this is not proof that you are independent, that you acted independently, it is difficult to find another example like this,” Campos Neto said.

The central bank’s president, Roberto Campos Neto, said the financial institution’s work is technical and far from political narratives. On Tuesday, the second of this month, he participated in an event with leaders of global banks in Europe.

Campos Neto made the statements in… pic.twitter.com/KIedqng3CA

– Revista Oeste (@revistaoeste) July 2, 2024

Lula’s criticism of Campos Neto

Lula has criticized the high level of interest rates. The president claims that this reduces the potential for investment in the country. Campos Neto’s statements are intended to reaffirm the independence of the central bank and refute allegations of political influence on the institution’s decisions.

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During an interview with Radio Princesa, in Bahia, Lula expressed his dissatisfaction with being with the head of the central bank, appointed by former President Jair Bolsonaro for two years.

“How can the president of the republic win the election and then not be able to nominate the head of the central bank?” Lula asked. “Or, if he does, he has an appointment. I was with Bolsonaro’s central bank head for two years.

“It is clear that I am concerned about this rise in the dollar, it is speculation. It is a game of speculative interest against reality in this country,” President Lula said in an interview with Radio Sociedad, in Bahia, on Tuesday (2).

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– Globo News (@globonews) July 2, 2024