BRASILIA – The president of the Central Bank, Roberto Campos Neto, stated this Monday, 29, that he disagrees with the view that the institution’s actions only serve the market. “This is an old and outdated thesis,” he said, during a talk at the Economic Panel, promoted by Insper, in São Paulo.
Regarding the innovation agenda, for example, Campos Neto said that the BC’s work contributed to making Brazil a champion in fintechs, in addition to contributing to the advancement of transparency and efficiency in the payments system.
He also countered criticism regarding the work around monetary policy. “Everything else about the interest rate is up to you to determine whether or not you want to lend money to the government,” said the BC president.
Campos Neto says that the payment system’s digitalization agenda helps control fraud Photograph: Alex Silva / Estadão
During the event, Campos Neto defended the advancement of the payment system digitalization agenda, including fraud control. “If all money is digital and traceable, it will only be possible to make (fraud) if you can transfer money from one account to another account. If there were no orange accounts or ghost accounts in Brazil, PIX fraud would be zero,” he said.
The BC president also stated that, if there is control in the process of opening bank accounts, these incidents of fraud tend to go to zero. “Today a large part of fraud is due to a lack of transparency”, he assessed. Regarding the banking spread, Campos Neto said that the BC’s role aims to reduce information asymmetry.
