Haddad once again criticizes interest rate hikes, but avoids blaming BC members

The Minister of Finance, Fernando Haddad, criticized the increase in the real interest rate since mid-2024. In an interview with the Opera Mundi news portal, on YouTube, he was asked why the population’s perception of the economy is bad, even with economic indicators performing well.

“Brazil has been increasing the real interest rate since mid-2024. We are talking about two years, almost, of increasing the interest rate. It is literally impossible for this not to have also had effects on well-being, especially because we know the level of family debt. So, I would explore this possibility”, argued the minister.

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Then, asked about the fact that all the current directors of the Central Bank were appointed by President Luiz Inácio Lula da Silva (PT), Haddad said that there is a structural problem. “There is this thing about a mandate that didn’t exist, about autonomy that didn’t exist, but like that, there is a structural thing in Brazil. So, I don’t want to spoil this debate because I don’t think it will contribute,” he replied.

“We are talking about the lowest accumulated inflation in four years in the history of Brazil”, he continued. He stated that there are sectors that voice their opinions, without specifying which ones, that understand that erring on the side of more is better than erring on the side of less. “There is an idea that we always have to buy credibility.”