President Luiz Inácio Lula da Silva (PT) criticized this Thursday (20th) the decision of the Copom (Monetary Policy Committee) of the Central Bank to maintain the basic interest rate, the Selic, at 10.5% per year. He questioned the autonomy of the body and said the decision catered to speculators.
"The President of the Republic never meddles in the decisions of the Copom or the Central Bank. [Former BC president Henrique] Meirelles had as much autonomy with me as this guy today. But I had the power to remove Meirelles, just as Fernando Henrique Cardoso removed many, as other presidents removed many," said Lula.
Lula stated that the decision catered to "speculators who make money from interest rates." "When we do something and it results in a collective benefit, it is an extraordinary investment we are making. We are investing in the Brazilian people. The Central Bank's decision was to invest in the financial system, in the speculators who make money from interest rates," he said.
The president said in the interview that he wants to make "quality spending for the Brazilian people." "I don't want to spend what I don't have. I want to make spending that is necessary."