Brazilian Senate passes bill increasing central bank independence
Legislation still needs to be approved by the lower chamber of Congress
The Brazilian Senate passed a bill increasing the autonomy of the Central Bank of Brazil on November 3.
Senators voted in favour of the legislation by an ample margin of 56 to 12. The bill establishes stable terms of four years for senior officials, and specifies requirements for the appointment and dismissal of the governor and directors of the institution. These appointments will no longer coincide with presidential elections.
The central bank has operational autonomy from the government
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