Brasília - O presidente do Banco Central (BC), Ilan Goldfajn, anuncia ações para tornar crédito mais barato e modernizar legislação (José Cruz/Agência Brasil)

Economy

Central Bank President: monetary policy not enough for economic recovery

For Ilan Goldfajn, structural reforms and the reduction of

Published on 17/01/2017 - 15:13 By Mariana Branco reports from Agência Brasil - Brasília

During a meeting at the World Economic Forum in Davos, Switzerland, Central Bank President Ilan Goldfajn said today (Jan. 17) that monetary policy will help Brazil's economic recovery but that it also needs complementary actions to overcome the crisis. The Central Bank released excerpts of the president's participation in the forum, which will end on Thursday (19).

Ilan Goldfajn reported that monetary policy—which includes defining the benchmark interest rate (SELIC)—is part of other government's policies and structural reforms, which are being implemented.

According to the central bank president, investments and increasing levels of productivity are necessary to promote the growth of the gross domestic product (GDP).

Ilan Goldfajn also pointed out the importance of reducing uncertainties, mainly those related to political and non-economic events. The president also said that it is necessary to approve tax reforms, especially the Social Security reform.

Translated by Amarílis Anchieta

Fonte: Central Bank President: monetary policy not enough for economic recovery

Edition: Vanira Foster