LatinNews Daily - 29 March 2023

* The monetary policy committee (Copom) of Brazil’s central bank (BCB) has released the minutes to its latest meeting, in which it discussed the rationale behind its recent decision to maintain high interest rates but also adopted a more approving tone in its assessment of the fiscal plan being pushed by Finance Minister Fernando Haddad, which is due to be presented by the government and then put to a vote by congress. The committee stated that “the materialisation of a scenario with a solid and credible fiscal framework might result in a more benign disinflationary process.” Speaking to the press following the publication of Copom’s statements, Haddad welcomed the more “suitable” tone from the central bank and spoke of a possible “harmonisation” between fiscal and monetary policy, according to the national news agency Agência Brasil. This softer tone comes as a change to the ongoing tension between the government and the central bank over interest rates.

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