Which institution was created in 1964 to serve as Brazil’s central bank?
Answer
Central Bank of Brazil
The Central Bank of Brazil was created in 1964 to serve as Brazil’s central bank.
It was established by Law No. 4,595, enacted on December 31, 1964. Before its creation, monetary responsibilities were divided among bodies including the Banco do Brasil and the Superintendency of Money and Credit.
The Central Bank of Brazil implements monetary policy, regulates financial institutions, manages foreign-exchange policy, and issues Brazil’s currency under the country’s legal framework. Its headquarters are in Brasília.
The institution is commonly confused with Banco do Brasil, one of the country’s major commercial banks. Banco do Brasil is a financial corporation, whereas the Central Bank of Brazil is the national monetary and banking regulator.