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Brazil's VP says development bank should be strengthened to leverage the economy

05 Tháng Giêng 2023

BRASILIA (Reuters) - Brazil's Vice President Geraldo Alckmin said on Wednesday that the state-run development bank BNDES should reduce interest rates to lenders, raising doubts on possible changes to its current policy, which is currently aligned with market prices.

Speaking to journalists after taking office as the minister of Development, Industry, Trade and Services, Alckmin said it would be "important for the BNDES to make an effort to reduce interest rates."

Asked whether this would involve changing the so-called TLP rate, charged by BNDES to lenders, he said only "it is important to create conditions to reduce the interest rate."

The TLP was implemented in 2018, during former President Michel Temer's administration, to bring the cost of state lending rates in line with those of the market. It replaced the former TJLP rate, which was set by the government below the country's Selic base rate, to subsidize corporate loans.

In his inaugural speech, Alckmin said his ministry will have BNDES under its wing, stressing it was essential to strengthen the bank's role to leverage the economy.

According to Alckmin, BNDES should act "as a dynamizer of the industry competitiveness and exports, especially those of higher added value."

Leftist President Luiz Inacio Lula da Silva named a veteran of his Workers Party, Aloizio Mercadante, as the next head of the BNDES, triggering expectations of heavily subsidized credit policies that could reduce the monetary policy power and inhibit the expansion of the capital market.

Before the president took office on Sunday, his transition team said it was necessary to reform the TLP rate to reduce it, a change that could dilute the impact of the central bank's monetary policy decisions.

After the post had been refused by several businessmen, Alckmin was appointed by Lula, viewed by the market as a move due to his past as a center-right politician. A former Sao Paulo governor, Alckmin lost to Lula in the 2006 presidential race.

The market's reading of Alckmin's appointment was that he would counterpoint Finance Minister Fernando Haddad, who is from Lula's Workers Party and shares with the president the belief that the state's presence must be greater to reduce social inequalities and boost the economy.

Recent comments from Lula and his team triggered adverse market reactions due to indications of interference in state-owned companies, the maintenance of costly tax waiver on fuels, and possible reversal of liberal reforms, reinforcing doubts about how public accounts can be improved amid increased welfare spending.

Lula's administration split economic affairs between four ministries, also including the Planning Ministry, which former Senator Simone Tebet will head, and the Management Ministry, which academic Esther Dweck will be in charge of.

That contrasts with former President Jair Bolsonaro, who centralized policy formulation and decision-making into a single Economy Ministry.

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30-01-2023 15:07:16 (UTC+7)

EUR/USD

1.0874

+0.0007 (+0.06%)

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↑ Buy

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Buy (12)

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EUR/USD

1.0874

+0.0007 (+0.06%)

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↑ Buy

Moving Avg:

Buy (12)

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Buy (7)

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GBP/USD

1.2374

-0.0023 (-0.19%)

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USD/JPY

129.80

-0.04 (-0.03%)

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AUD/USD

0.7076

-0.0027 (-0.38%)

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USD/CAD

1.3348

+0.0039 (+0.29%)

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EUR/JPY

141.14

+0.03 (+0.02%)

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EUR/CHF

1.0027

+0.0023 (+0.23%)

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Gold Futures

1,922.30

-7.10 (-0.37%)

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Silver Futures

23.710

+0.088 (+0.37%)

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Copper Futures

4.1920

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79.22

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Brent Oil Futures

85.95

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Natural Gas Futures

2.659

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US Coffee C Futures

169.25

+2.10 (+1.26%)

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Sell

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Euro Stoxx 50

4,147.05

-30.96 (-0.74%)

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S&P 500

4,070.56

+10.13 (+0.25%)

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↑ Sell

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DAX

15,077.35

-72.68 (-0.48%)

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FTSE 100

7,741.90

-23.25 (-0.30%)

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Hang Seng

22,053.00

-635.90 (-2.80%)

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US Small Cap 2000

1,911.46

+8.39 (+0.44%)

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IBEX 35

9,025.25

-34.95 (-0.39%)

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BASF SE NA O.N.

52.625

-0.165 (-0.31%)

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Bayer AG NA

56.72

+0.44 (+0.78%)

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Allianz SE VNA O.N.

220.60

-1.05 (-0.47%)

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Adidas AG

145.90

-2.40 (-1.62%)

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Sell

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Deutsche Lufthansa AG

9.691

-0.064 (-0.66%)

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Siemens AG Class N

143.38

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12.305

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Buy (7)

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 EUR/USD1.0874↑ Buy
 GBP/USD1.2374↑ Sell
 USD/JPY129.80↑ Buy
 AUD/USD0.7076↑ Sell
 USD/CAD1.3348↑ Buy
 EUR/JPY141.14↑ Buy
 EUR/CHF1.0027↑ Buy
 Gold1,922.30↑ Sell
 Silver23.710↑ Sell
 Copper4.1920↑ Buy
 Crude Oil WTI79.22↑ Buy
 Brent Oil85.95↑ Buy
 Natural Gas2.659↑ Sell
 US Coffee C169.25Sell
 Euro Stoxx 504,147.05↑ Sell
 S&P 5004,070.56↑ Sell
 DAX15,077.35↑ Sell
 FTSE 1007,741.90↑ Sell
 Hang Seng22,053.00↑ Sell
 Small Cap 20001,911.46↑ Sell
 IBEX 359,025.25↑ Sell
 BASF52.625↑ Buy
 Bayer56.72↑ Buy
 Allianz220.60↑ Buy
 Adidas145.90Sell
 Lufthansa9.691↑ Buy
 Siemens AG143.38↑ Buy
 Deutsche Bank AG12.305↑ Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,620/ 6,700
(-100/ -120) # 1,228
SJC HCM6,630/ 6,730
(-90/ -90) # 1,260
SJC Hanoi6,630/ 6,732
(-90/ -90) # 1,262
SJC Danang6,630/ 6,732
(-90/ -90) # 1,262
SJC Nhatrang6,630/ 6,732
(-90/ -90) # 1,262
SJC Cantho6,630/ 6,732
(-90/ -90) # 1,262
Cập nhật 30-01-2023 15:07:19
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ↀ Giá vàng thế giới
$1,923.36-5.29-0.27%
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ʘ Giá bán lẻ xăng dầu
Sản phẩmVùng 1Vùng 2
RON 95-V23.01023.470
RON 95-III22.15022.590
E5 RON 92-II21.35021.770
DO 0.05S21.63022.060
DO 0,001S-V23.39023.850
Dầu hỏa 2-K21.80022.230
ↂ Giá dầu thô thế giới
WTI$79.15+1.31.62%
Brent$85.77+1.321.51%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD23.250,0023.620,00
EUR24.814,9626.204,51
GBP28.296,9629.503,61
JPY176,00186,33
KRW16,5220,13
Cập nhật lúc 15:02:45 30/01/2023
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