Lula Says Brazil Needs More Tools to Fight Inflation [BNN Bloomberg (Canada)]
Petroleo Brasileiro S.A.- Petrobras American Depositary Shares (PBR.A)
US:NYSE Investor Relations:
investidorpetrobras.com.br/en
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Source: BNN Bloomberg
a more active policy to reduce foreign exchange volatility and the regulation of fuel prices and food stocks. In a 180-page message to lawmakers on Thursday, Lula blamed his predecessor Jair Bolsonaro for abandoning the use of “important instruments to fight inflation,” leading to an over-reliance on high interest rates that are hurting the economy. He also said a more stable currency would help mitigate inflation. “A more passive exchange rate policy in recent years has accentuated the volatility of the Brazilian currency against the dollar, with perverse consequences for prices,” Lula said in the message delivered by his Chief of Staff Rui Costa at the beginning of the congressional year. The president has been complaining about the central bank's restrictive monetary policy since taking office. In a TV interview two weeks ago, he said too tight inflation targets were “choking the economy,” and said a recently-approved law giving the central bank autonomy was “nonsense.” Brazi
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