The Central Bank of Brazil (BCB; Portuguese: Banco Central do Brasil, pronounced [ˈbɐ̃ku sẽˈtɾaw du bɾaˈziw]) is the central bank of Brazil. It is the country’s chief monetary authority and is responsible for maintaining the stability of the national currency’s purchasing power. The bank was established on 31 December 1964.
The Central Bank of Brazil is not affiliated with any ministry and, like other central banks, exercises monetary authority in the country. It was created through the merger of three institutions: the Superintendência da Moeda e do Crédito (SUMOC), the Bank of Brazil (BB), and the National Treasury. One of the main instruments of Brazil’s monetary policy is the bank’s benchmark overnight interest rate, known as the SELIC rate, which is set by the bank’s Monetary Policy Committee (Copom).[4] The bank is also active in promoting financial inclusion and is a leading member of the Alliance for Financial Inclusion.
It was one of the original 17 regulatory institutions to make national commitments to financial inclusion under the Maya Declaration.[5] Since 25 February 2021, the bank has been institutionally independent from the federal government.[6]
Independence of the Central Bank
On 3 November 2020, the bill of the Independence of Central Bank passed the Senate, by 56 votes to 12.[7][8]
And on 10 February 2021, in the Chamber of Deputies was approved by 339 votes in favor and 114 against without changes, going to President Jair Bolsonaro‘s sanction, generating the Federal Complementary Law No. 179 of 24 February 2021.[9][10]
With the Federal Complementary Law No. 179 of 24 February 2021, it became autonomous, in addition to gaining a new organizational structure.[11][12]
Presidents
Appointed by the Executive
| No. | Portrait | President | Took office | Left office | Time in office | Appointed by |
|---|---|---|---|---|---|---|
| 1 | Dênio Chagas Nogueira (1920–1997) | 12 April 1965 | 21 March 1967 | 1 year, 343 days | Castelo Branco | |
| 2 | Rui Aguiar da Silva Leme (1925–1997) | 31 March 1967 | 12 February 1968 | 318 days | Costa e Silva | |
| – | Ary Burger (1921–2010) Acting | 12 February 1968 | 20 February 1968 | 8 days | Costa e Silva | |
| 3 | Ernane Galvêas (1922–2022) | 20 February 1968 | 15 March 1974 | 6 years, 23 days | Costa e Silva | |
| 4 | Paulo Hortêncio Pereira Lima (born 1930) | 15 March 1974 | 15 March 1979 | 5 years, 0 days | Ernesto Geisel | |
| 5 | Carlos Brandão (1928–2016) | 15 March 1979 | 17 August 1979 | 155 days | João Figueiredo | |
| 6 | Ernane Galvêas (1922–2022) | 17 August 1979 | 18 January 1980 | 154 days | João Figueiredo | |
| 7 | Carlos Geraldo Langoni (1944–2021) | 18 January 1980 | 5 September 1983 | 3 years, 230 days | João Figueiredo | |
| 8 | Affonso Celso Pastore (1939–2024) | 5 September 1983 | 15 March 1985 | 1 year, 191 days | João Figueiredo | |
| 9 | Antônio Carlos Lemgruber (1947–2011) | 15 March 1985 | 28 August 1985 | 166 days | José Sarney | |
| 10 | Fernando Carlos Bracher (1935–2019) | 28 August 1985 | 11 February 1987 | 1 year, 167 days | José Sarney | |
| 11 | Francisco Gros (1942–2010) | 11 February 1987 | 30 April 1987 | 78 days | José Sarney | |
| – | Lycio de Faria (born 1929) Acting | 30 April 1987 | 4 May 1987 | 4 days | José Sarney | |
| 12 | Fernando Milliet (born 1942) | 4 May 1987 | 9 March 1988 | 310 days | José Sarney | |
| 13 | Elmo de Araújo Camões (1927–2022) | 9 March 1988 | 22 June 1989 | 1 year, 105 days | José Sarney | |
| 14 | Wadico Waldir Bucchi (born 1951) | 22 June 1989 | 15 March 1990 | 266 days | José Sarney | |
| 15 | Ibrahim Eris (born 1944) | 15 March 1990 | 17 May 1991 | 1 year, 63 days | Fernando Collor de Mello | |
| 16 | Francisco Gros (1942–2010) | 17 May 1991 | 13 November 1992 | 1 year, 180 days | Fernando Collor | |
| 17 | Gustavo Loyola (born 1952) | 13 November 1992 | 29 March 1993 | 136 days | Itamar Franco | |
| 18 | Paulo César Ximenes (born 1943) | 29 March 1993 | 9 September 1993 | 164 days | Itamar Franco | |
| 19 | Pedro Malan (born 1943) | 9 September 1993 | 1 January 1995 | 1 year, 114 days | Itamar Franco | |
| – | Gustavo Franco (born 1956) Acting | 1 January 1995 | 11 January 1995 | 10 days | Fernando Henrique Cardoso | |
| 20 | Pérsio Arida (born 1952) | 11 January 1995 | 13 June 1995 | 153 days | Fernando Henrique Cardoso | |
| 21 | Gustavo Loyola (born 1952) | 13 June 1995 | 20 August 1997 | 2 years, 68 days | Fernando Henrique Cardoso | |
| 22 | Gustavo Franco (born 1956) | 20 August 1997 | 4 March 1999 | 1 year, 196 days | Fernando Henrique Cardoso | |
| 23 | Armínio Fraga (born 1957) | 4 March 1999 | 1 January 2003 | 3 years, 303 days | Fernando Henrique Cardoso | |
| 24 | Henrique Meirelles (born 1945) | 1 January 2003 | 1 January 2011 | 8 years, 0 days | Luiz Inácio Lula da Silva | |
| 25 | Alexandre Tombini (born 1963) | 1 January 2011 | 9 June 2016 | 5 years, 160 days | Dilma Rousseff | |
| 26 | Ilan Goldfajn (born 1966) | 9 June 2016 | 27 February 2019 | 2 years, 263 days | Michel Temer | |
| 27 | Roberto Campos Neto (born 1969) | 28 February 2019 | 1 January 2021 | 1 year, 308 days | Jair Bolsonaro |
Under Autonomous Election
| No. | Portrait | President | Took office | Left office | Time in office | Elected during |
|---|---|---|---|---|---|---|
| 27 | Roberto Campos Neto (born 1969) | 1 January 2021 | 31 December 2024 | 3 years, 365 days | Jair Bolsonaro | |
| 28 | Gabriel Galípolo (born 1982) | 1 January 2025 | Incumbent | 1 year, 105 days | Luiz Inácio Lula da Silva |
See also
- Brazilian real
- Federal institutions of Brazil
- Payment system
- Real-time gross settlement
- List of central banks
- List of financial supervisory authorities by country
Further reading
- Taylor, Matthew M. (2009). “Institutional Development through Policy-Making: A Case Study of the Brazilian Central Bank“. World Politics. 61 (3): 487–515.
References
- ^ Pooler, Michael; Harris, Bryan (11 February 2021). “Brazil passes law giving autonomy to central bank”. Financial Times. Retrieved 21 September 2022.
- ^ “Reservas internacionais”. Banco Central do Brasil (in Brazilian Portuguese). Retrieved 18 March 2026.
- ^ Assis, Mariana; Martello, Alexandro (18 March 2026). “Copom reduz taxa básica de juros da economia, a Selic, de 15% para 14,75% ao ano”. G1 (in Brazilian Portuguese). Retrieved 18 March 2026.
- ^ “Banco Central do Brasil”. bcb.gov.br. Archived from the original on 24 May 2023. Retrieved 23 June 2018.
- ^ “Maya Declaration Urges Financial Inclusion for World’s Unbanked Populations”. PR Newswire. Archived from the original on 4 October 2011. Retrieved 19 November 2025.
- ^ “Autonomia do Banco Central é sancionada”. Banco Central do Brasil (in Brazilian Portuguese). 25 February 2021. Retrieved 30 June 2022.
- ^ “Autonomia do BC: Senado aprova PLP 19/2019 e matéria segue para a Câmara | SINAL – Sindicato Nacional dos Funcionários do Banco Central”.
- ^ “Senado aprova projeto de lei que dá autonomia ao Banco Central – Migalhas”. 4 November 2020.
- ^ “Câmara aprova projeto de autonomia do Banco Central por 339 votos a 114”. 10 February 2021.
- ^ “Câmara aprova texto-base da autonomia do Banco Central”. 10 February 2021.
- ^ “Bolsonaro sanciona lei que estabelece a autonomia do Banco Central; veja detalhes”. 24 February 2021.
- ^ “Bolsonaro sanciona projeto que dá autonomia ao Banco Central”. 24 February 2021.
External links
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| Other | |
