October 29, 2019 / 4:22 PM / 15 days ago

Controlling inflation Brazil central bank's priority, says rate-setter nominee

A man walks in front the Central bank headquarters building in Brasilia, Brazil October 29, 2019.REUTERS/Adriano Machado

BRASILIA (Reuters) - The main aim of the Brazilian central bank’s monetary policy is to ensure low and stable inflation, Fabio Kanczuk, the monetary authority’s incoming director for economic policy, said at his Senate confirmation hearing on Tuesday.

In brief opening remarks, in which he made no further comment on his outlook for official interest rates, Kanczuk said “it is with monetary stability that we will get interest rates to the most appropriate levels, always firm in our objective of promoting an environment of sustainable economic growth.”

Answering questions from senators afterwards, Kanczuk, a former secretary of economic policy at Brazil’s Finance Ministry, said the economy appears to be recovering slowly.

He also said he is confident the central bank will win the battle to bring down high bank lending spreads economists say are a barrier to borrowing, investment and spending.

The Senate’s Economic Affairs Committee approved Kanczuk’s nomination by 16 votes to 4. His nomination will now be put to a final vote on the Senate floor.

Reporting by Marcela Ayres; Writing by Jamie McGeever

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