SAO PAULO (Reuters) – Brazil’s central bank will do what “whatever is necessary” to control inflation, monetary policy director Gabriel Galipolo said on Thursday, although policymakers will rely on data to decide whether that entails.
At an event in Belo Horizonte, Galipolo said that minutes from the July 30-31 meeting of the central bank’s rate-setting committee, known as Copom, made it clear that all policymakers are willing to do whatever it takes to control inflation, including those appointed by rate-hike averse President Luiz Inacio Lula da Silva.
Copom said in the meeting’s minutes that its members would be open to raising rates if needed, but Galipolo that this should not be seen as guidance on its next moves.
According to Galipolo, there has been no signal from Copom on what it will decide in future meetings, as the monetary authority is still “totally data-dependent.”
(Reporting by Luana Maria Benedito; Editing by Leslie Adler and Brendan O’Boyle)
