Brazil’s supreme court upholds central bank autonomy law
Opposition parties had challenged constitutionality on procedural grounds
Brazil’s Supreme Federal Court confirmed that a new law granting independence to the central bank is constitutional, rejecting a challenge by two left-wing opposition parties.
In an 8–2 decision, the nation’s highest court rejected claims the law had been passed improperly, and that it undermined the executive.
The law, passed in February, grants the Central Bank of Brazil autonomy from other parts of the executive branch. It also provides fixed four-year terms for the board, which are
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