Lula: “Interest rates are very high”

The President of Brazil, Lula da Silva, once again insisted that interest rates at 13.75 % continue to be “very high” and are detrimental to businessmen who want to increase their investments in the country, being perceived as a figure that goes against the country and the poorest population.

“They are making fun of Brazil, of the poor and of the Brazilians who want to invest more,” lamented the president in the middle of his speech to review his first 100 days in office, in a new criticism of the monetary policy of the Central Bank of Brazil, which already has eight months with frozen interest rates.

At the end of March, the body chaired by Roberto Campos Neto once again opted to maintain the rate, even opening up to new increases in the event that the disinflationary process does not finish consolidating. Currently, while waiting to know the data for March, inflation in Brazil is below 6%. When rates were raised to 13.75%, the rate of prices was double.

Not only the president of Brazil criticized this decision. The country’s finance minister, Fernando Haddad, was one of the first to speak out after the latest monetary policy meeting. The economic manager described this attitude of the bank as “worrying”, lamenting that this decision is going to bring more problems for families and companies, at a time when the economy is contracting and a financing crisis is taking place.

Source: dpa

(Reference image source: file)

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