BCB independence and Brazil’s inflation battle

Formal autonomy should help shield central bank from political pressure linked to 2022 elections, but challenges remain

The granting of formal independence to the Central Bank of Brazil (BCB) in 2021 could prove to be a decisive factor that enables the central bank to bring inflation back down to target in the coming years, according to several former governors and analysts.

Inflation currently hovers at around 10% in South America’s largest economy. The above-target rate is partly the result of global supply chain bottlenecks that have hit economies around the world. The figures are also distorted by ‘base

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