The Central Bank of Brazil resisted calls to target a higher level of inflation when reassessing its inflation target last year, the governor of the institution has revealed.
In a speech given at the International Monetary Fund and World Bank annual meetings, Ilan Goldfajn explained the central bank had opted to follow the “seemingly harder path”.
According to the governor, the original inflation target of 4.5%, despite the persistence of high inflation and a recession, remained “credible”.
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