Central Bank of Brazil

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The Central Bank of Brazil (BCB; Portuguese: Banco Central do Brasil, pronounced [ˈbɐ̃ku sẽˈtɾaw du bɾaˈziw]) is the central bank of Brazil. It is the country's chief monetary authority and is responsible for maintaining the stability of the national currency's purchasing power. The bank was established on 31 December 1964. The Central Bank of Brazil is not affiliated with any ministry and, like other central banks, exercises monetary authority in the country. It was created through the merger of three institutions: the Superintendência da Moeda e do Crédito (SUMOC), the Bank of Brazil (BB), and the National Treasury. One of the main instruments of Brazil's monetary policy is the bank's benchmark overnight interest rate, known as the SELIC rate, which is set by the bank's Monetary Policy Committee (Copom). The bank is also active in promoting financial inclusion and is a leading member of the Alliance for Financial Inclusion. It was one of the original 17 regulatory institutions to make...

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