Pix is Brazil’s instant payment system developed by the Central Bank. It allows the transfer of funds between accounts within seconds, available 24/7.
Gabriel Galípolo, previously the executive secretary of the Ministry of Finance, has been on the Central Bank's Monetary Policy Board since July of last year.
The committee said the move was driven by the adverse external environment and the indicators of economic activity and the domestic labor market, still more dynamic than expected.
The data, released by Brazil’s Central Bank show a 15.6 percent increase compared to the first half of 2023, when foreigners spent $3.2 billion in the country.
Campos Neto also discussed the government decree that instituted the new system for continuous inflation targets, with the National Monetary Council setting the center of the continuous target at 3%.
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