Write an article about BC ainda não considerou impactos do consignado para CLT, diz Galípolo in Portuguese
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The president of the Central Bank of Brazil, Gabriel Galípolo, has stated that the possible impacts of the measure that expanded the credit to consigned workers have not been considered in the bank’s projections. This comment was made during the presentation of the Monetary Policy Report for the first quarter of the year.
According to the report, the Programa Crédito do Trabalhador na Carteira Digital de Trabalho, created by a provisional measure, aims to provide credit to around 47 million people at a lower cost. The program allows private sector employees with signed work contracts, including domestic workers, rural workers, and micro-entrepreneurs to access credit. Since its launch, there have been 64.718.404 simulations and 8.704.759 loan requests, with 48,170 people having contracted R$340.3 million in loans by the new credit modality, with an average value of R$7,065.14 per worker and a 21-month repayment period.
Galípolo noted that the initiative is likely to address a structural issue in the credit market, rather than a short-term problem, and is part of an older agenda to replace high-cost credit with low-cost credit.
The Central Bank has also released its first-quarter report, which reduced its estimate of Brazil’s gross domestic product (GDP) growth to 1.9% for 2025 from 2.1%. The report also forecasts an inflation rate of 5.01% for the year, which is above the target rate set by the Monetary Policy Committee (CMN).
The bank also cited the strong growth of the economy in 2024, which has raised concerns about the potential for higher inflation. The 12-month accumulated inflation rate measured by the National Consumer Price Index (IPCA) increased from 4.87% in November to 5.06% in February.
Galípolo acknowledged that the bank is aware that it will have to live with inflation above the target rate in the short term and that the convergence to the target rate is challenging. The bank has also raised the benchmark interest rate to 14.25% and plans to increase it further in May.
In summary, Galípolo’s comments highlight the need to address the structural issue of credit availability in Brazil and the challenges posed by inflation, which is expected to remain above the target rate in the short term. The Central Bank’s projections for the economy and inflation remain cautious, and the bank is likely to take further measures to control inflation.
