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Inflation Within the Target Only in 2017, Says Brazil's Central Bank Chief Alexandre Tombini

01/29/2016 - 09h19

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FROM BRASÍLIA

Governor of the Central Bank of Brazil Alexandre Tombini said on Thursday (28) that the Central Bank will remain vigilant to developments in the economy and will adopt the necessary measures to bring down inflation to the target of 4.5% in 2017.

In his speech, Tombini said that for this year he expects lower growth dynamics in global economy and the maintenance of high levels of volatility and uncertainty.

"This picture is inserted in a context of relative depletion of the ability of fiscal and monetary policies to leverage growth in an environment of demographic change and geopolitical pressures," he said.

He gave the speech before an audience of businessmen, unionists and other members of the Economic and Social Development Council (CDES) known as "Conselhão".

According to Tombini, the change process of the prices administered by the government, like fuel, was "longer and more intense" than scheduled and it has influenced the current two-digit inflation. The high-priced dollar also contributed to higher inflation, he said.

On the other hand, the high-priced dollar encourages competitiveness gains and it has triggered an increase in exports and fall in imports.

"For this, it is of fundamental importance that the Central Bank controls inflation, so those gains are not eliminated by the increase in domestic prices."
 
p(tagline). Translated by JULIANA CALDERARI

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Ueslei Marcelino - 21.dez.2015/Reuters
Brazil's Central Bank Alexandre Tombini looks on before a inauguration ceremony for new Finance Minister Nelson Barbosa at Planalto Palace
Brazil's Central Bank Alexandre Tombini looks on before a inauguration ceremony for new Finance Minister Nelson Barbosa at Planalto Palace

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