Which central bank controls monetary policy in Brazil?

The Central Bank of Brazil controls monetary policy in Brazil.

Brazil created the Central Bank of Brazil in 1964 through complementary law number 4,595. Before then, monetary and banking responsibilities were distributed among institutions including the Banco do Brasil and the Superintendency of Money and Credit.

The central bank issues Brazil’s currency, implements monetary policy, supervises financial institutions, manages international reserves, and promotes the smooth functioning of the financial system. Its headquarters are in Brasília, the national capital.

Brazil’s currency is the real, introduced in 1994 as part of the Real Plan. The Banco do Brasil is a major bank with a long history, but it is a commercial financial institution rather than Brazil’s central bank. Brazil’s central bank gained formal autonomy through legislation enacted in 2021.