Brazil’s central bank president says he won’t accept new term in 2024

Central Bank (BC) President Roberto Campos Neto said Thursday at an event sponsored by BTG Pactual that he will not accept reappointment for a new term in 2024.

“When the autonomy rule was made, I was against reappointment. I wanted to remove reappointment from the project. I think it is unhealthy because it leads to vulnerability in the middle of the mandate because a president of the Central Bank will be interested in reappointment and will be subject to the executive’s will at that moment.”

“Other countries do that, and I don’t like that. So the answer to your question is no [I would not accept it],” he said.

The central bank’s autonomy law provides for fixed, staggered terms of four years for the president and directors, with the possibility of reappointment.

Campos must therefore remain in office until the end of 2024 and could have his mandate extended until 2028. “If it had depended only on me, there would have been no reappointment in the [central bank’s] autonomy law,” he said.

With information from Valor Economico