April 12, 2019 / 1:21 PM / 7 days ago

Brazil's Bolsonaro proposes formal central bank autonomy

SAO PAULO, April 12 (Reuters) - President Jair Bolsonaro issued a draft bill late on Thursday proposing to formalize the independence of the country’s central bank, a move that would align the country with other major economies where those who make monetary policy are legally protected from political interference.

Bolsonaro, who took office in January, campaigned on an orthodox economic platform and had promised to cut spending and ensure the central bank’s independence.

According to the document, the bank would be governed by a board of governors with fixed four-year mandates, with the possibility of being re-elected once. The four-year terms would not be simultaneous with the country’s presidential term, which is also four years. (Reporting by Carolina Mandl; Editing by Jeffrey Benkoe)

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