Brazil’s economy: The President of the Brazilian Central Bank defends reforms to keep interest rates low

Oct 16, 2017

In an event promoted by Italcam and the Italian Embassy in Brazil, the president of the central bank encouraged Italian companies regarding the prospects for Brazil’s economy.

Find out more about the Brazil economy here.

According to him, the Brazilian economy is starting to recover and the global scenario is in a “benign” phase. “It’s time to do the renovation and adjustment work, to fix the ceiling when it’s not raining. We must insist on the reform of social security, which is what will put the public finances in order”, he said.

Goldfajn says that inflation has fallen again because there is more optimism for the country’s economy. “It is not enough to lower sales and revenue [because inflation decreases.] If there is no future prospect, the defence mechanism continues”, he added.

The event was organized by the Italian-Brazilian Chamber of Commerce, Industry and Agriculture (Italcam), in collaboration with the Italian Embassy in Brazil. “We are encouraged by the perspectives of the Brazilian economy, of which we have long believed,” says Michele Pala, the Italian General Consul in Sao Paulo.

“We believe that the potential for the presence of Italian companies here is still very large. We already have many, but we want to grow even more “, he added, adding that Italian companies seem more optimistic about Brazil, especially those that are already operating here. “But our mission is to bring even more [companies] from Italy. We want to spread an image that goes beyond the cliché even in Italy “, he said.

The vice president of Italcam, Graziano Messana, said that the meeting was important to “create bonds” and a channel of communication “with a person who is making the history of Brazil. Italian companies are less worried [with the future of Brazil]. The fact that inflation is falling, which is a legacy of the president of the Central Bank, is leaving companies willing to invest – and will continue to invest – much less concerned”, he said.

Original article in Portuguese.

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