Brazil's central bank chief says subsidized credit growth not impacting monetary policy
Recasts with further comments
Oct 28 (Reuters) - Brazil's central bank chief Roberto Campos Neto said on Monday that the volume of subsidized credit in the country has not grown to a point it would impact monetary policy.
"It has increased, but not to the extent, as of now, that will change dramatically the neutral rate," he said, referring to the equilibrium rate that neither cools nor overheats the economy.
Speaking at an event hosted by Deutsche Bank in London, Campos Neto also noted that private debt securities benefiting from income tax exemptions have risen significantly but likewise do not impact monetary policy, as they do not constitute a credit segment insensitive to the benchmark interest rate.
Campos Neto reiterated that Brazil needs to signal fiscal measures that could be seen as a positive shock to address premium risk in interest rate futures, which he said are currently affected by lack of confidence in the sustainable management of public accounts.
The central bank governor added that while he was not informed of the measures, their impact would not mechanically alter monetary policy.
However, he noted that if perceived as a positive shock, they could potentially influence the long-end of the yield curve, the exchange rate and inflation expectations.
"Those variables are important because they are part of our reaction function," he said.
Finance Minister Fernando Haddad said that President Luiz Inacio Lula da Silva's government would unveil measures to control mandatory expenses following the municipal elections held on Sunday.
Campos Neto also stated that inflation figures in the country have been mixed, highlighting the need for policymakers to have time to analyze the data.
Reporting by Marcela Ayres; Editing by Gabriel Araujo
免责声明: XM Group仅提供在线交易平台的执行服务和访问权限，并允许个人查看和/或使用网站或网站所提供的内容，但无意进行任何更改或扩展，也不会更改或扩展其服务和访问权限。所有访问和使用权限，将受下列条款与条例约束：(i) 条款与条例；(ii) 风险提示；以及(iii) 完整免责声明。请注意，网站所提供的所有讯息，仅限一般资讯用途。此外，XM所有在线交易平台的内容并不构成，也不能被用于任何未经授权的金融市场交易邀约和/或邀请。金融市场交易对于您的投资资本含有重大风险。
所有在线交易平台所发布的资料，仅适用于教育/资讯类用途，不包含也不应被视为用于金融、投资税或交易相关咨询和建议，或是交易价格纪录，或是任何金融商品或非应邀途径的金融相关优惠的交易邀约或邀请。
本网站上由XM和第三方供应商所提供的所有内容，包括意见、新闻、研究、分析、价格、其他资讯和第三方网站链接，皆保持不变，并作为一般市场评论所提供，而非投资性建议。所有在线交易平台所发布的资料，仅适用于教育/资讯类用途，不包含也不应被视为适用于金融、投资税或交易相关咨询和建议，或是交易价格纪录，或是任何金融商品或非应邀途径的金融相关优惠的交易邀约或邀请。请确保您已阅读并完全理解，XM非独立投资研究提示和风险提示相关资讯，更多详情请点击 这里。
