U.S. markets closed
  • S&P Futures

    3,842.75
    +33.50 (+0.88%)
     
  • Dow Futures

    31,145.00
    +233.00 (+0.75%)
     
  • Nasdaq Futures

    13,058.25
    +147.25 (+1.14%)
     
  • Russell 2000 Futures

    2,234.40
    +35.20 (+1.60%)
     
  • Crude Oil

    62.55
    +1.05 (+1.71%)
     
  • Gold

    1,744.90
    +16.10 (+0.93%)
     
  • Silver

    26.93
    +0.49 (+1.87%)
     
  • EUR/USD

    1.2089
    +0.0001 (+0.01%)
     
  • 10-Yr Bond

    1.4600
    -0.0580 (-3.82%)
     
  • Vix

    27.95
    -0.94 (-3.25%)
     
  • GBP/USD

    1.3993
    +0.0071 (+0.51%)
     
  • USD/JPY

    106.6770
    +0.1750 (+0.16%)
     
  • BTC-USD

    46,734.23
    +443.54 (+0.96%)
     
  • CMC Crypto 200

    934.61
    +1.47 (+0.16%)
     
  • FTSE 100

    6,483.43
    -168.53 (-2.53%)
     
  • Nikkei 225

    29,626.68
    +660.67 (+2.28%)
     

UPDATE 1-Brazil's lower house of Congress passes main text of central bank autonomy bill

·1 min read

(Adds detail, comment)

BRASILIA, Feb 10 (Reuters) - Brazil's lower house ofCongress on Wednesday approved the main text of a bill grantingthe central bank autonomy, which will set fixed four-year termsfor the bank's president and directors, and tighter rules ontheir exit from office.

The central bank already has de facto autonomy to implementthe policies it deems necessary to achieve itsinflation-targeting goals, but the bank president is technicallya member of the government's Cabinet and is appointed byBrazil's president.

This bill aims to guarantee that the institution'soperational independence is completely free of politicalinterference.

Former Central Bank President Henrique Meirelles tweeted onWednesday that this is "one of the most important institutionaladvances in recent years," and will foster economic stability,confidence and attract investment.

"This independence gives the central bank the confidence tomake the right decisions and do the best for the country basedon technical data - just as a monetary authority's role shouldbe," he tweeted.

The central bank's main objective will be meeting itsinflation targets. The bill stipulates that its secondaryobjectives include ensuring the stability of the financialsystem, smoothing fluctuations in the economic cycle, andpromoting full employment.

The bill was approved by the Senate last year. The lowerhouse will now vote on some amendments before it is passed toPresident Jair Bolsonaro for signature.(Reporting by Maria Carolina Marcello and Jamie McGeeverEditing by Leslie Adler and Alistair Bell)