Overview
- After taking office on January 1, Galípolo kept monetary policy tight, holding the Selic at 15% for months to prioritize inflation control.
- The Central Bank rejected BRB’s proposed purchase of Banco Master and proceeded to extrajudicial liquidation after monitoring irregularities, with findings sent to prosecutors and now supporting a Federal Police probe.
- Minister Jonathan de Jesus at the TCU questioned the liquidation’s timing, and Minister Dias Toffoli moved a related inquiry to the Supreme Court and ordered an acareação with the BC’s inspections chief under maximum secrecy.
- O Globo reported that Alexandre de Moraes pressed Galípolo on the case, which he said concerned the Magnitsky Law, as political criticism from PT figures persisted despite Lula voicing full confidence in the BC chief.
- Security lapses in the financial system and attacks on Pix dominated the regulatory agenda, the BC did not secure expanded autonomy, and market forecasts point to possible rate cuts as early as January or March.