* Brazil’s central bank (BCB) has released the economic activity index (IBC-Br), which is used to anticipate GDP figures. The index showed that economic activity in April rose 0.56% from the previous month. This rise came after a slight decrease in activity was recorded for March (-0.14%). In year-on-year terms, the latest figure marks an increase of 3.31% compared to April 2022. The accumulated growth over the 12 months to April 2023 came to 3.43%. Brazil’s government led by President Luiz Inácio Lula da Silva has repeatedly accused the BCB of restricting economic activity by maintaining a high benchmark interest rate of 13.75%. Government pressure is mounting on the central bank, which is expected to hold its next monetary policy committee meeting this week.
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